New Delhi2 minutes ago
- Copy link
Revise Income Tax Bill 2025 will be introduced in Parliament tomorrow i.e. Monday, August 11. Finance Minister Nirmala Sitharaman withdrew the New Income Tax Bill 2025 on Friday (August 8) after suggestions of change by the 31 -member Selection Committee.
Here the new income tax bill, 2025 understand the changes suggested in 8 easy points …
- Recommendation to connect with existing framework: The report of the Parliamentary Committee was presented in the Lok Sabha on 21 July. In this report, the committee suggested that things should be made more clear and hardening in the bill, removing uncarious things and connecting the new law with the current framework.
- 566 suggestions in 4584 pages report: Tightening the definitions: Many words and rules in the bill were not clear before. The Selection Committee has recommended them to make them more clear and hardened. In its 4584 pages report, the committee has given a total of 566 decorations and recommendations.
- Sapping with old laws: The new bill has been tried to connect the existing tax structure and other laws (such as GST or Corporate Tax Rules), so that there is no confusion in the event of considering the two together.
- Relief for taxpayers: The committee has suggested that some tax slab or exemption limit be made easier, especially for small taxpayers and middle class.
- Changes in income tax refund rules: The Selection Committee has also asked to remove the rules of income tax refund, in which refund is not available for filing ITR after the date date. In the old bill, the person taking refund was required to file ITR within the due date.
- 80m deduction also suggestions: The Selection Committee has also suggested to change 80M deduction under section 148 of the new bill. This is for companies taking advantage of special rates in inter-corporate under section 115BAA.
- Micro business integrate with MSME: Other recommendations of the committee in doing include making the definition of micro and small enterprises according to the MSME Act.
- Changes in TDS Rules on Provident Fund: The report also recommended amendment in the bill for clarity on advanced ruling fees, TDS on Provident Fund, Low Tax Certificate and Penalty.
4 big things of New Income Income Tax Bill 2025 …
1. In the Income Tax Bill, the assessment year has been replaced by tax ‘year’. The bills of the bill have come down from 823 to 622. However, the number of chapters is only 23. Sections have been increased from 298 to 536 and schedules have also increased from 14 to 16.
2. Crypto assets will be counted under any undisclosed income, such as cash, bullion and jewelery. This has been done so that digital transactions can also be controlled in a transparent and legal manner.
3. The bill includes taxpayers charter, which will protect the rights of tax payers and make the tax administration more transparent. This charter will protect the interests of taxpayers and will also clear the rights and responsibilities of the tax authorities.
4. Salary related cuttings, such as standard deduction, gratuity and leave encashment have now been listed at one place. The difficult expansion and provisions in the old law have been removed, which will make it easier for taxpayers to understand.
Tax free earnings up to 12 lakh rupees
The budget presented on 1 February gave great relief regarding income tax. Under the New Tax Period, no tax will have to be paid on earnings up to Rs 12 lakh. This discount will be Rs 12.75 lakhs with standard deductions of 75 thousand for employed people. The slab of the New Tax Regyve has also been changed. There has been no change in the old tax regime.
,
Read this news too …
1. Income tax bill introduced in Lok Sabha: Its pages reduced from 823 to 622, Crypto assets will come under undisciscated income
The new income tax bill has been introduced in the Lok Sabha today i.e. on Thursday, February 13. The 622 -page bill will replace the 6 decade -old Income Tax Act 1961. The proposed law will be called the Income Tax Act 2025 and is expected to be effective in April 2026.
Click here to read the full news …
It took 60 thousand hours to prepare a new income-tax bill: 20,976 suggestions were received, know how it was made and what is in it?
Finance Minister Nirmala Sitharaman has introduced a new income tax bill in Parliament on Thursday. It passed in the Lok Sabha. Let us know what is special in this bill?
Click here to read the full news …
