Mumbai, Feb 13: The Indian stock market on Thursday saw a choppy session as benchmark indices gave up early gains and ended flat, with investors awaiting the outcome of the meeting between Prime Minister Narendra Modi and US President Donald Trump that aims to boost the growing relations between the two largest democracies.

The Sensex closed at 76,138.97 by slipping 32.11 points or 0.04 per cent from its previous close. The index moved within a range of 76,764.53 and 76,013.43 during the day.

Similarly, the Nifty also ended on a muted note as closing at 23,031.40 which was down by 13.85 points or 0.06 per cent.

The index touched an intra-day high of 23,235.50 but also slipped to a low of 22,992.20 before closing.

During the early hours, both the indices traded higher as buying was seen in the PSU bank and financial service sectors.

The Sensex was up by 244.25 points or 0.32 per cent in early trade while the Nifty climbed 79.25 points or 0.34 per cent during opening hours.

Among the Nifty stocks, 27 ended in negative territory which dragged the market lower.

Hero MotoCorp, Infosys, and Larsen & Toubro (L&T) were the biggest losers with shedding up to 4.93 per cent.

Meanwhile, Sun Pharma, Bajaj FinServ, Tata Steel, Bajaj Finance, and Cipla emerged as the top gainers by rising by up to 3.12 per cent.

The broader market showed mixed sentiments as the Nifty Midcap 100 index ended with a modest gain of 0.25 per cent, while the Nifty Smallcap 100 index declined by 0.37 per cent.

Sectorally, financial services, pharma, metal, healthcare, private banking, and realty stocks performed well, with gains of up to 1.47 per cent.

Going forward, rupee movement will depend on further dollar index trends and global risk sentiment, with key support seen near 86.60 and resistance around 87.10″

PM Modi arrived in the US after a visit to France, where he had co-chaired the Artificial Intelligence Action Summit with French President Emmanuel Macron.

The Prime Minister and the US President were set to hold bilateral discussions in the White House on Thursday (US time).

New Delhi, Feb 13: Finance Minister Nirmala Sitharaman introduced the new Income Tax Bill, 2025, in the Lok Sabha on Thursday as part of the tax reforms to streamline and simplify the provisions so that they are easier to understand and reduce the scope for legal disputes.

The legislation will replace the Income Tax Act, 1961, which has grown extensively due to numerous modifications carried out over six decades.

The Bill will be sent to the Select Committee of Parliament before it comes up for final approval in Parliament. The new law is expected to take effect on April 1, 2026.

The first part of the Budget Session of Parliament also came to an end on Thursday and the second part of the session will resume on March 10. The Budget Session is being held in two parts – from January 31 to February 13 and between March 10 and April 4.

The primary objective of the new Income Tax Bill is to simplify the tax laws, ensuring that they are more transparent, easier to interpret, and taxpayer-friendly. By replacing complex provisions with clearer provisions, it aims to reduce legal disputes and encourage voluntary tax compliance.

The bill may introduce lower penalties for certain offences, making the tax system more taxpayer-friendly.

The Income Tax Bill is being reduced to 622 pages and contains 536 clauses. It will replace the existing 64-year-old law that runs into 823 pages with 819 sections. The proposed bill seeks to simplify the language by introducing clearer terms, such as replacing ‘assessment year’ with ‘tax year’. It will eliminate various convoluted provisions and explanations to make it easier to understand and reduce the scope of legal disputes. Some archaic clauses are being dropped as part of the simplification process.

The bill will not change the existing tax slabs or review the tax rebate given. Instead, it aims to make the six-decade-old legislation reader-friendly.

“This reform is a significant step towards modernising India’s tax framework, bringing greater clarity and efficiency. The bill promises a more streamlined, accessible tax system, making it easier for citizens and businesses to fulfil their obligations while fostering trust in the system,” says Rohinton Sidhwa, Partner, Deloitte India.

New Delhi, Feb 13: Finance Minister Nirmala Sitharaman is scheduled to introduce the new Income Tax Bill in the Lok Sabha on Thursday as part of the tax reforms to streamline and simplify the provisions so that they are easier to understand and reduce the scope for legal disputes.

The Parliament’s Budget Session began at 11 a.m. The Lok Sabha, however, was adjourned till 2 p.m. amid protests by opposition members on various issues. The Finance Minister is expected to table the Income Tax bill in the Lower House later in the day.

The Income Tax Bill is being reduced to 622 pages and contains 536 clauses. It will replace the existing 64-year-old law that runs into 823 pages with 819 sections. The proposed bill seeks to simplify the language by introducing clearer terms, such as replacing ‘assessment year’ with ‘tax year’. It will eliminate various convoluted provisions and explanations to make it easier to understand and reduce the scope of legal disputes. Some archaic clauses are being dropped as part of the simplification process.

The legislation will supersede the Income Tax Act, 1961, which has grown extensively due to numerous modifications carried out over six decades. The revised tax framework is expected to come into force from April 1, 2026.

Its primary objective is to simplify the tax laws, ensuring they are more transparent, easier to interpret, and taxpayer-friendly. By replacing complex provisions with clearer provisions, it aims to reduce legal disputes and encourage voluntary tax compliance.

Once introduced in the Lok Sabha, the Bill will be sent to the Parliamentary Standing Committee on Finance for further deliberations. The new law is expected to take effect on April 1, 2026.

The bill will not change the existing tax slabs or review the tax rebate given. Instead, it aims to make the six-decade-old legislation reader-friendly.

“This reform is a significant step towards modernizing India’s tax framework, bringing greater clarity and efficiency. The bill promises a more streamlined, accessible tax system, making it easier for citizens and businesses to fulfil their obligations while fostering trust in the system,” says Rohinton Sidhwa, Partner, Deloitte India.