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      Question

      The new Income Tax (No. 2) Bill, 2025 replaces which previous legislation? 

      A Income Tax Act, 1950 Correct Answer Incorrect Answer
      B Income Tax Act, 1961 Correct Answer Incorrect Answer
      C Direct Taxes Code, 2010 Correct Answer Incorrect Answer
      D Taxation Laws Act, 1971 Correct Answer Incorrect Answer
      E Finance Act, 1965 Correct Answer Incorrect Answer

      Solution

      The Income Tax (No. 2) Bill, 2025 replaces the Income Tax Act, 1961. It adopts 285 recommendations from the Select Committee, simplifies tax language, introduces “Tax Year” in place of “Previous Year” & “Assessment Year,” and provides various compliance and relief measures. 

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