Income tax bill 2025 download. (2) It extends to the whole of India.

Income tax bill 2025 download Learn about its chapters, objectives, and key reforms for businesses & individuals. The Bill, consisting of 536 clauses within 23 chapters and 16 schedules, seeks to simplify the existing Income Tax Act, 1961 (‘the Act’). CHAPTER II B ASIS OF CHARGE 4. Feb 17, 2025 · The Income Tax Bill 2025 proposes significant changes to the existing tax laws. This is set to replace the decades old Income Tax Act of 1961. Provisions related to Non-Profit Organizations: Feb 1, 2025 · Print PDF eBookUnion Budget 2025 Key features\\Finance Bill 2025 Direct Tax proposals Introduction of a scheme for determining arm’s length price of international transaction for a block period of three years. 3. The Finance Bill 2025 proposes to extend this deadline to 48 months from the end of the relevant assessment year. Bill No. Key changes include clarifications on significant economic presence for non-residents, extended tax exemptions for IFSC-issued insurance policies, and tax relief for minor withdrawals under the NPS sch Feb 13, 2025 · For further details, download Income-tax Bill, 2025 & Corrigenda to Income-tax Bill, 2025, General FAQs, New Income-tax Bill 2025 Navigator and a PPTs on the Bill are available for reference. FAQs on new Income Tax Bill, 2025. The bill seeks to replace the 65-year-old Income Tax Act of 1961, making way for a more structured, accessible, and digitally driven tax law under the Income Tax Act, 2025. The Bill has 536 Section and 16 (XVI) Schedules and is set to name the upcoming act as Income Tax Act, 2025. Stay tuned for further updates and expert insights on how Feb 5, 2025 · Comparison of New Income Tax 2025 and Old Income Tax 1961 Section of Income Tax Bill, 2025 corresponding Sections of Income Tax Act, 1961. It includes virtual digital assets, grants authorities access to digital spaces, and clarifies dispute resolution while removing obsolete exemptions. 75 Lakhs. CG-DL-E-13022025-261003. For Income-tax Bill, 2025 & Corrigenda to Income-tax Bill, 2025 PDF CLICK HERE Bill No. The hon’ble Finance Minister has indicated that a new Income Tax Bill Will be introduced in the parliament by second week of February 2025. New Income Tax Bill PDF Download LINK 6 hours ago · The Income Tax Bill, 2025, introduced in Lok Sabha on February 13, 2025, aims to simplify the Income-tax Act, 1961 by making it more concise, readable, and easier to understand. 01. During the course of numerous amendments to the Income tax Act, 1961, several policy decisions were incorporated as separate provisions. Feb 13, 2025 · The Income Tax Act 1961 v/s The Income Tax Bill 2025. The new bill will replace outdated provisions of the Income Tax Act, 1961, to align tax laws with the current economic situation. The Income Tax Bill, 2025 contains: 536 Sections; 16 Schedules; and the Income Tax Bill, 2025 divided into 23 Chapters. Feb 8, 2025 · The Union Cabinet has approved the new Income Tax Bill, which will replace the six-decade-old Income Tax Act, 1961. Feb 4, 2025 · For income tax, the new tax slabs under the FY 2025-26 regime include no tax for income up to ₹4,00,000 and graduated rates for higher earnings. Feb 12, 2025 · The Union Cabinet approved the new Income Tax Bill on Friday, February 7, 2025. Scope of total income. Get Latest News, Breaking News about Income Tax Bill 2025. After the introduction of the bill, the legislation is sent to the Select Committee of the Lok Sabha for its review. Be it enacted by Parliament in the Seventy-sixth Year of the Republic of India, as follows:––. 2025) Feb 1, 2025 · The Union Budget 2025-26, presented by Finance Minister Nirmala Sitharaman, is available for download in PDF format from the official Government of India websites. Nirmala Sitharaman has given the middle-class taxpayers a big Income tax relief, Under the new tax regime, there will be no income tax on annual earnings up to Rs. As revealed by Union Finance Minister Nirmala Sitharaman, the government is set to introduce a new income tax legislation in the upcoming week in the parliament. (1) This Act may be called the Income-tax Act, 2025. The bill aims to reduce the volume, complexity, and ambiguity of the law, and to provide greater tax certainty to taxpayers. Understanding the proposed reforms is crucial for effective tax planning and compliance. The existing Income Tax Act, 1961 will undergo considerable simplification and will probably be replaced by the new act in coming days Feb 12, 2025 · income tax bill parliament new income tax bill 2025 pm modi nirmala sitharaman आ गया नया इनकम टैक्स बिल! जानें आम आदमी के लिए क्या-क्या बदलेगा, टैक्स फाइलिंग होगी आसान या बढ़ जाएंगी The Income-tax Bill, 2025, largely aligns with the existing provisions of the Income-tax Act, 1961. Nirmala Sitharaman, the Hon’ble Finance Minister, on 13. This comprehensive legislation covers amendments across direct and indirect tax regimes, focusing on income tax, customs, excise, and GST. average income of Rs. The Income Tax Act has undergone many changes since 1961, as certain changes are made to it every year through the Union Budget. Income Tax Act, 1922; Income Tax Act, 1961; And now the Income Tax Bill 2025. Feb 13, 2025 · The new Income Tax Bill 2025, set to replace the 1961 Income Tax Act, aims to simplify tax laws and compliance. Feb 13, 2025 · New Income Tax Bill: The much-anticipated Income Tax Bill, 2025, was introduced in Parliament today, marking a major effort to streamline the language and structure of the existing Income-tax Act, 1961. The government adopted a three-pronged approach: eliminating complex language, removing redundant provisions, and reorganizing sections for better clarity. 7. The debate on the new Income Tax Bill can be check here. Description: Income Tax Bill 2025 #pdf Submitted By: Shree . Feb 4, 2025 · Summary: The Finance Bill 2025 presents significant updates in both direct and indirect taxes aimed at improving business ease, reducing litigation, and widening the tax base. Feb 12, 2025 · Download copy of Bill and read FAQs on New Income Tax Bill 2025 Union Finance Minister, in her Budget 2025 speech has informed the proposal to introduce the new Income-Tax Bill/Code. Feb 4, 2025 · Summary: The Income Tax updates in Budget 2025 bring changes to the New Tax Regime, with revised income slabs offering rates from 0% to 30% based on income brackets, with specific deductions like a standard deduction of Rs. It also seeks to replace terminologies like assessment and previous year with easier-to-understand ‘tax year’. This initiative addresses issues like bulky language, outdated provisions, and extensive cross-references, making the law concise and user-friendly. This reform includes specific provisions affecting non-profit organizations (NPOs). 2. (2) It extends to the whole of India. A new Income Tax Bill will be introduced in this week, which aims to replace the existing Income Tax Act of 1961. 75 lakh for salaried taxpayers, due Income Tax Bill 2025 Updates: वित्त मंत्री निर्मला सीतारमण द्वारा लोकसभा में पेश किए गए इनकम टैक्स बिल 2025 को अभी संसद की सिलेक्ट कमेटी के पास भेजा गया है. 1. A specialized committee has been formed to review the bill and submit recommendations by the Monsoon Session. The draft Income-Tax Bill 2025, which aims to replace the old Income Tax Act of 1961, will be presented in Parliament on Thursday. Feb 12, 2025 · The New Income Tax Bill 2025 has been introduced in the Indian Parliament with the goal of simplifying taxation, making it more transparent, and better compliant. This initiative aims to simplify the tax system, making it more accessible and comprehensible for taxpayers across the nation. A Bill to consolidate and amend the law relating to income-tax. , Rs 12,70,588 being the break-even point where total tax liability as per slab equates with the income exceeding Rs 12 Lakhs Feb 13, 2025 · The New Income-Tax Bill 2025 seeks to modernize and simplify the current tax framework, replacing the Income-Tax Act, 1961, which has undergone over 4000 amendments since its inception. Explanation 3. by Alrahman No income tax on Feb 13, 2025 · New Income Tax Bill 2025, New IT Bill tabled in Lok Sabha: प्रस्तावित कानून को आयकर अधिनियम 2025 कहा जाएगा और इसके अप्रैल 2026 में लागू होने की उम्मीद है। इस विधेयक का उद्देश्य मौजूदा कानून से 1 day ago · ‹ “Unlock the Key Changes in the Income Tax Bill, 2025 – Join AIFTP’s Expert-Led Online Lecture Series Starting March 28th, 2025, Until September 26th, 2025!” Get in-depth understanding of the new provisions, expert insights, and practical implications through 22 detailed sessions. वित्त मंत्री निर्मला सीतारमण लोकसभा में 622 पन्नों का नया आयकर विधेयक पेश किया है,जो 64 साल पुराने 823 पन्नों Feb 13, 2025 · Section in existing Income Tax Act, 1961: Section in new Income Tax Bill 2025: Explanation 3 to s. Feb 5, 2025 · Accordingly, the Income-tax Bill, 2025 has been prepared which proposes to repeal and replace the Income-tax Act, 1961. Simplification: Streamline the 1961 Income-tax Act by removing obsolete provisions, redundant clauses, and complex legal jargon. The journey of the Bill began in 2009 when the Indian government released its first draft to address the growing complexities of the existing tax laws. 24 of 2025 ) Save as otherwise provided in this Act, it shall come into force on the 1st April, 2026 The Income Tax Department NEVER asks for your PIN numbers, Income-tax Bill, 2025 !New ; Income Tax Department > Budget-2025. f. The Bill retains most of the provisions of the 1961 Act. This change is intended to combat tax avoidance more effectively. . Feb 13, 2025 · The Role of CS in Tax Compliance: A Case for Inclusion in the Income Tax Act, 2025 Analysis of Recent Amendment to Section 34(2) of the CGST Act, 2017 in Finance Bill, 2025 ITR-U - Belated Return u/s 139(8A): A Detailed Overview after Budget 2025 Feb 8, 2025 · In a significant move to modernize India’s tax framework, the Union Cabinet has approved the new Income Tax Bill 2025, set to replace the existing Income Tax Act of 1961. EXTRAORDINARY PART II — Section 2 Download THE INCOME-TAX BILL, 2025 (PDF) THE INCOME-TAX BILL , 2025 ( Bill No. It is open fact that in our country, Budget is produced in Parliament in the month of February and put for discussion, thereafter making some changes as raised during discussion final budget passed and announced in the month of March, and become Act. The New Income Tax Bill 2025 will comprise 622 pages as compared with the original income tax act, 1961 with its 880 pages, when it was launched. Download the Income-Tax Bill, 2025 now and stay informed about the future of taxation in India. Presently, the deadline for filing an updated tax return under Section 139(8A) is 24 months from the end of the relevant assessment year. The computation under section 158BB (1) of the Income Tax Act,1961 has been clarified to provide appropriate treatment for income based on books of account maintained in normal course. The Income Tax Bill 2025 is seen as shorter in length and less complex when compared to the Income Tax Act 1961, but the number of sections have increased significantly. 64 (1) in IT Act, 1961. Key features include simplified provisions, trust-based systems, and higher exemptions, providing 2 days ago · In the ongoing debate over the Income Tax Bill, 2025, BJP’s Haryana CA Cell, led by Nitin Bansal, advocated for the exclusive role of CAs in tax audits, highlighting their specialized training and trustworthiness. The Bill streamlines provisions, reduces word count and sections, and replaces the assessment year with a tax year. Short title, extent and commencement. About Income-Tax Bill, 2025. 12. This move is expected to modernise the tax system, reduce litigation, and encourage compliance. The Bill will introduced in the Lok Sabha on February 10 during the ongoing Budget Session. 1 Taxpayers can claim marginal relief up to a total income of Rs 12,70,587 (i. Sub clauses have been renumbered: For instance, deemed Parliament in the current budget session. 1962. Objective of the New Bill Feb 2, 2025 · Sub-section (1H) of section 206C mandates tax collection at source (TCS) by a seller while Section 194Q provides for tax deduction at source (TDS) by a buyer on the same transaction and therefore to mitigate the difficulty of getting same transaction taxable twice, it is proposed to non-application of section 206C(1H) w. on 12 February 2025. Key changes include the introduction of a 'Tax Year,' revised tax slabs, and updated salary deductions. Expansion of scope of safe harbour rules to reduce litigation and provide certainty in international taxation. 1 day ago · Income Tax Bill – 2025 Proposed In Parliament On 1st February, 2025 And Will Pass In March, 2025. Jul 24, 2024 · The Finance Minister, Smt. The new Income Tax Act 2025 shall come into force from 1 st April 2025. Clause wise Details of the Bill: New Feb 13, 2025 · The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. Notably, deductions under Section 80CCD(1B) for pension Feb 13, 2025 · New Income Tax Bill 2025: 64 साल पुराने कानून की जगह नया कानून. Feb 12, 2025 · To stay updated, taxpayers can download the Income-Tax Bill, 2025 and review the official document. This bill is designed to simplify tax Feb 17, 2025 · The New Income Tax Bill was introduced in the Lok Sabha on 13th February 2025. Income Tax Bill 2025: There has been a significant reduction in the text of new Income Tax Bill 2025, in comparison to the existing Income Tax Act, 1961. Feb 2, 2025 · The Union budget 2025 presented in the Parliament today on 1st February 2025, the Finance Minister Mrs. 5. Downloaded: Feb 16, 2025 · Income-tax Act, 2025 – BILL No. org Bill Summary The Income-Tax Bill, 2025 The Income-Tax Bill, 2025 was introduced in Lok Sabha on February 13, 2025. Under the revised tax regime, the basic exemption limit has increased to ₹3 lakh, with a tax-free rebate for income up to ₹12 lakh under Section 87A. Feb 7, 2025 · Personal Income tax reforms with special focus on the middle class, zero income tax till Rs. Definition of “tax year”. Feb 10, 2025 · The New Income Tax Bill 2025 aims to simplify tax laws, improve compliance, and reduce disputes. Taxpayers earning above ₹12,00,000 can benefit from rebates, and the filing of updated returns has been made easier with extended timelines. Direct tax proposals maintain the status quo for the Old Tax Regime, while the New Regime features reduced income slabs, higher rebates, and expanded tax-free income Feb 1, 2025 · The Finance Bill, 2025, introduced in the Lok Sabha on February 1, 2025, aims to implement the financial proposals of the Central Government for the fiscal year 2025-26. 24 of 2025 THE INCOME-TAX BILL, 2025 _____ ARRANGEMENT OF CLAUSES _____ CHAPTER I P RELIMINARY C LAUSES 1. Feb 12, 2025 · The much-awaited Income Tax Bill, 2025 is here to replace the old Income Tax Act of 1961, bringing a revolutionary change to India’s tax landscape! Set to be introduced in Lok Sabha this week, this bill aims for a simpler, modernized, and transparent tax system. Also Read: Govt released Income-Tax Bill, 2025 (Download) Bill No. 75 lakh (which include Feb 13, 2025 · Briefly, following are the Income Tax Acts:-Income Tax Act, 1860. Central Board of Direct Taxes Mar 7, 2025 · Discover the Income Tax Bill 2025, featuring simplified tax provisions, reduced rates, and streamlined compliance. The Finance Minister has announced the new Income-tax Bill 2025 shall be released next week. File Now Bill No. Feb 13, 2025 · With respect to the residential status determination, there is no substantive change in the provision as per the New Income-Tax Bill 2025. 12 Lakhs, with an additional Rs. 1 day ago · ‹ “Unlock the Key Changes in the Income Tax Bill, 2025 – Join AIFTP’s Expert-Led Online Lecture Series Starting March 28th, 2025, Until September 26th, 2025!” Get in-depth understanding of the new provisions, expert insights, and practical implications through 22 detailed sessions. 12 lakh income by way to rebate u/s 87A on income other than income from capital gains or other such income which are taxable at special rates; for salaried employees, tax liability would be NIL up to salary income of Rs. Feb 13, 2025 · New Income Tax Bill 2025 PDF: Finance Minister Nirmala Sitharaman on Thursday introduced the new Income Tax Bill 2025, in the Lok Sabha, to simplify the language of the income tax law while removing provisos and explanations. 24 OF 2025. ” on page 53 and modifying marginal headings, such as . This limit will be Rs. 04. Mar 1, 2025 · The Income Tax Bill 2025 proposes changes to the General Anti-Avoidance Rules (GAAR). Income Tax Bill 2025: Provisions Relating to TDS & TCS Mar 3, 2025 · Summary: The new financial year commencing April 1, 2025, introduces several critical changes in income tax laws impacting individuals, businesses, and investors. If passed, the law will come into effect from April 1, 2026. 75,000, family pension relief, and rebates for certain incomes. Feb 13, 2025 · Finance Minister Nirmala Sitharaman has introduced the new Income Tax Bill 2025 to Parliament today. Direct Tax Proposals Introduction of a New Tax Bill. Clause wise summary of the Bill as under: 1 February 24, 2025 PRS Legislative Research Institute for Policy Research Studies 3rd Floor, Gandharva Mahavidyalaya 212, Deen Dayal Upadhyaya Marg New Delhi – 110002 Tel: (011) 43434035, 23234801 www. Income-tax Return. The bill follows three core principles: textual and structural simplification, continuity in tax policies, and maintaining predictability for taxpayers. The Central Board of Direct Taxes (CBDT) also issued two sets of FAQs and a navigator for mapping of comparable provisions of the ITA 1961 with the new version. The new Bill is designed to enhance clarity without making significant policy changes. Rationalization of TDS/TCS for easing difficulties Tax deduction … Feb 1, 2025 · The Union Budget 2025 has been officially presented outlining key economic policies, tax reforms, and growth strategies for the upcoming financial year. These corrections include minor typographical adjustments, such as changing “32. Income Tax Act, 1886. Accordingly, The Income Tax Bill, 2025 (ITB 2025 or New IT Bill or new Bill) was tabled in the Lok Sabha on 13 February 2025. Feb 15, 2025 · Lok Sabha introduced the Income-tax Bill 2025 to simplify the Income-tax Act, 1961. The Union Cabinet approved the New Income Tax Bill on February 7, 2025. e. The current Income-tax Act was enacted in 1961 and came into existence with effect from 01. The purpose of this bill is to simplify the complex Income Tax Act of 1961. 03. The Notes on clauses explain in detail the various provisions contained in the Bill. Feb 13, 2025 · The document includes several other comparison tables that highlight specific changes between the Income Tax Act of 1961 and the proposed Income Tax Bill 2025. prsindia. 24 OF 2025 – View/Download PDF. However, not much has changed. 8. Tax rates and regimes for individuals and corporations remain unchanged. These tables cover various aspects such as the structure of provisions, the number of words, and the organization of schedules. At first glance, it aims to simplify the legislation by consolidating similar provisions, eliminating obsolete sections, and presenting some information in a tabular format. Feb 3, 2025 · The Finance Bill 2025, presented by Finance Minister Nirmala Sitharaman on February 1, 2025, proposes several direct tax amendments, effective mostly from April 1, 2025. Utility to check section of Income-tax Act, 1961 (as amended by Finance (No. Feb 13, 2025 · The Income-Tax Bill, 2025 was introduced in Lok Sabha on February 13, 2025. Clause wise Details of the Bill: New Feb 13, 2025 · Download the new Income Tax Bill, 2025, introduced by the Indian government to simplify the existing Income Tax Act of 1961. Definitions. Feb 17, 2025 · Income Tax Calculator for FY 2024-25 & 2025-26; Form III: Analysis of Balance Sheet; Advance Income Tax Calculator for AY 2026-27; Net Worth Certificate Format; Excel to Tally Import Utility FREE 100% (Prime, ERP, 7) Checklist for Audit of Various items of Financial Statement; Vouching Format; Format of CA certificate Feb 19, 2025 · 4. Feb 2, 2025 · Q. The new rules could allow reassessment of tax years previously considered time-barred. (1)” to “32. Read also: Section Mapping | Income Tax Act, 1961 corresponding to Income Tax Bill, 2025. —For the purposes of clauses (iv) and (vi), where the assets transferred directly or indirectly by an individual to his spouse or son’s wife (hereafter in this Explanation referred to as “the transferee”) are invested by the transferee,— (i) in any Feb 12, 2025 · The New Income Tax Bill 2025 is a landmark reform aimed at replacing the existing Income Tax Act of 1961 with a modern, simplified, and transparent tax framework. Feb 12, 2025 · Income Tax Bill 2025 Download Preview. The bill, which replaces the Income Tax Act of 1961, will Mar 8, 2025 · Download Link; Online Software Check Tax Online: Offline Software(Windows) Anticipatory Cum Final Income Tax Calculator 2025-26. The select committee will review the bill and present its report on the first date 1 day ago · Income Tax Bill 2025. It seeks to replace the Income-Tax Act, 1961. The new direct tax code is expected to be introduced in the Lok Sabha this week. The new Income Tax Bill 2025, set to be tabled in Parliament on Thursday (13th Feb 2025), marks a historic moment in India’s tax landscape, as it will replace the current year legislation introduced way back in Feb 11, 2025 · Post that, an individual will be required to pay full tax on their income as calculated by the new income tax slabs under the new tax regime. Feb 2, 2025 · New Income Tax Bill to be Introduced. Residence in India. Budget, 2025 4 days ago · Click on the link to download Finance Bill 2025: Download here . Key Points of the New Income Tax Bill, 2025 . 1 lakh per month other than special rate income such as capital gains) under the new regime. Feb 8, 2025 · New Income Tax Bill: The Union Cabinet has approved a new Income Tax Bill, aiming to simplify tax laws and provide greater clarity for taxpayers. The Finance Minister has also tabled the Finance Bill 205, which has proposed various amendments to the tax and corporate laws. This aims to empower tax authorities to issue reassessment notices beyond the current time limits. On the other hand, Congress MP Deependra Singh Hooda pushed for the inclusion of Company Secretaries, citing their expertise in corporate governance and compliance. Simplified Terminology Feb 12, 2025 · The Income Tax Bill, 2025 comprises 536 sections, higher than 298 sections of the current Income-Tax Act, 1961. 6. Feb 10, 2025 · Income Tax Bill Highlights: The new Income Tax Bill, which will replace the six-decade old Income Tax Act of 1961, will make direct tax laws simple to understand, remove ambiguities and reduce litigations. Feb 12, 2025 · The announcement of the New Income Tax Bill for Budget 2025 marks a major shift in India’s taxation system. Feb 12, 2025 · The New Income Tax Bill, set to be tabled at the Lok Sabha by the Union Finance Minister Nirmala Sitharaman is out now. Jan 1, 2025 · Govt released Income-Tax Bill, 2025 (Download) Empanelment with Bank of Maharashtra for Concurrent/Revenue audit (Last date 01. It primarily aims to simplify the language and remove redundant provisions. 2 days ago · Income Tax Act 2025: Key Highlights, Applicability & PDF Download The much-anticipated Income Tax Act 2025 was presented in Parliament on February 13, 2025. 2) Act, 2024) vis-a-vis corresponding Clause of Income-tax Bill, 2025!New Press Release: Executive Summary on the Comprehensive Simplification of the Income-tax Act, 1961 !New General FAQs on the Broad scope of New Income-tax Bill!New Feb 5, 2025 · The Income Tax Bill, 2025 has been tabled in Lok Sabha by Smt. Feb 5, 2025 · 2) Personal Income- tax Reforms with special focus on middle class: –The Budget 2025 announced that there will be no income tax payable upto income of Rs 12 lakh (i. The Gazette of India. The definition of “Accountant” within the bill is crucial, as it determines who is authorized to perform certain accounting and auditing functions related to tax compliance. Feb 7, 2025 · The Union Cabinet on Friday (February 7, 2025) approved the new income tax bill, which will replace the six decades old I-T Act, sources said. Expected to be effective from April 1, 2026. Feb 16, 2025 · BILL No. Income deemed to be received. The primary objective of this new legislation is to simplify, modernize, and streamline India’s tax system , making it more comprehensible and efficient for taxpayers . Rajitha) Commissioner of Income Tax (Media & Technical Policy) & Official Spokesperson, CBDT. Other files by the user. This 622-page bill introduces simpler tax terms, updates tax rules, and modernises compliance processes. Charge of income-tax. Feb 13, 2025 · The Income-tax Bill, 2025 reflects the Government’s commitment to enhancing ease of doing business by providing a tax framework that is simple and clear, (V. What is Feb 13, 2025 · On February 13, 2025, the Hon’ble Finance Minister introduced the new Income Tax Bill 2025 (‘the Bill’) in the Parliament. Questions arise about its impact on revenue, litigation and tax administration. The new tax bill is part of a larger effort to reform the country’s tax system and aims to overhaul the existing tax structure to make it more streamlined and transparent. Utility to check section of Income-tax Act, 1961 (as amended by Finance (No. The document includes detailed Feb 24, 2025 · Income tax bill, 2025 aims to replace Income Tax Act, 1961, simplifying tax laws. Feb 15, 2025 · Lok Sabha has issued a corrigenda for the Income Tax Bill, 2025, detailing corrections related to formatting, references, and legal citations. The existing law has 14 schedules which will increase to 16 in the new legislation. Feb 14, 2025 · The Income-Tax Bill, 2025, introduces a new ‘Tax Year’ concept, replacing the existing Assessment Year, aiming to simplify tax reporting. If youre looking for the full Budget 2025 In this article, we’ll explore the key highlights of the New Income Tax Bill 2025. The critical Feb 19, 2025 · The Income-tax Bill, 2025 has been tabled in Parliament on 13th February 2025, marking a significant step toward simplifying the language and structure of the Income tax Act, 1961. Nirmala Sitharaman presented the Union Budget 2025-26 in Parliament. The Income Tax Bill 2025 will replace the Income Tax Act 1961. 2025. Stay connected to all updated on Income Tax Bill 2025 Feb 17, 2025 · The new Income Tax Bill 2025, tabled in Parliament recently, is being seen by taxation experts as a landmark reform aimed at modernizing and simplifying India's tax framework. 7 What change has been made in the computation of total income of the block period in section 158BB (1) of Income Tax Act,1961 in Finance Bill 2025? Ans. 75,000 standard deductions for salaried taxpayers, raising the limit to Rs. Jan 18, 2025 · The government is set to unveil a new Income Tax Bill during the Budget 2025 session, replacing the decades-old Income Tax Act, 1961. In the new Bill, the determination of residential status is also contained in Section 6 and has been rephrased without any change in the meaning. The new income tax bill has come after Budget 2024 July announced the review of The Income Tax Act, 1961. Here are the key highlights: Feb 12, 2025 · Download New Income Tax Bill. 02. Click on the link to download the Budget 2025 speech: Download here. This comprehensive 622-page legislation comprises 536 clauses, organized into 23 chapters and 16 schedules. 6 hours ago · The Income Tax Bill 2025, introduced in the Lok Sabha on February 13, 2025, aims to simplify the Income-tax Act, 1961, by making it clearer and more concise without altering tax policies or rates. The review of the Income Tax Act was announced as the existing income tax laws are old, complicated and confusing for layman taxpayers. qpabimpg sqnt vrk qcyt rogk qen cdgay rkym chjf yxzju owtirxt rfkfx blm ltkwtg ndkd