New Income Tax Bill: The New Income Tax Bill will be presented in Parliament today, no change in tax slab or deadline to file a return


Posted on 13th Feb 2025 11:42 am by rohit kumar

The new Income Tax Bill, 2025, which is being introduced in the Lok Sabha on February 13, has been prepared to replace the old law of 1961. The goal of the new law is to eliminate the complexities of the old law make it understandable to the common taxpayers and reduce the burden of litigation.

 

Many things were added to the Income Tax Act of 1961 during 66 budgets, which made it increasingly complex. While on the one hand, the government claims that the new law will bring more clarity regarding taxes, the common people still have doubts about its actual impact. The special thing is that the new bill does not change the tax slabs, the time limit for filing income tax returns, or capital gains taxation. It ensures stability and predictability in tax planning. At the same time, a provision has been made to impose more penalties for late payment of tax and non-compliance of rules. Better AI-based investigation will be done to detect tax evasion. In the new law also, the financial year will be calculated between April 1 and March 31 as before. There will be no change in this.

 

Did you know?Explore Trending and Topic pages for more stories like this.

Important facts

 

The number of sections of the Income Tax Act, of 1961 will now change. For example, the section for filing ITR is 139 under the current law, but it will change in the new law.

 

The laws related to residence, which determine whether a person is a normal resident, non-normal resident, or non-resident, will remain unchanged.

 

The new Income Tax Bill is much more detailed than the 1961 law. The current law has 298 sections, and 14 schedules while the new bill has 536 sections and 16 schedules.

 

The new bill has simplified explanations for taxpayers. Complex legal jargon has been removed. Introduction of a single section for all salary deductions (e.g., standard deduction, gratuity, leave encashment). A simple depreciation formula has been fixed for businesses.

 

All provisions related to TDS have been consolidated under one section. While it simplifies compliance, businesses may need to update their tax reporting systems to align with the new structure.

 

The new Income Tax Bill is expected to come into effect from FY 2026 -27.

1 Like 0 Dislike
Previous news Next news
Other news

This was Sunita Williams' first reaction after returning to Earth, NASA released the video.

Astronaut Sunita Williams has returned to Earth. After spending 9 months and 14 days in space, Su

Toxic's 'fierce' teaser released, Yash transforms into a look that will make enemies tremble; will wreak havoc in 2026

If we were to compile a list of the most anticipated films of 2026, the first name on the list wo

Rule Changed: From UPI to credit card rules... these changes will happen from August 1; they will have a direct impact on common people.

The month of August is going to start on Thursday. With the beginning of the month, many such rul

Saint Premanand's statement, which has created a ruckus, Shri Krishna Janmabhoomi Sangharsh Nyas has blown the trumpet of agitation

After the indecent comment made by Bhagwatcharya Aniruddhacharya on women, Shri Krishna Janmabhoo

IPL 2025: After the defeat, BCCI gave a blow to Lucknow and Pant, imposed a fine of Rs 30 lakh for slow over rate

Lucknow Super Giants and its captain Rishabh Pant have suffered another setback after their defea

Jagdeep Dhankhar: Dhankhar was seen for the first time after his resignation, sitting next to Radhakrishnan, smiling and clapping

Chandrapuram Ponnusamy Radhakrishnan was sworn in as the 15th Vice President of India on Friday.

Sajid, the mastermind of the Sydney terrorist attack, was from Hyderabad and did not return to India even after his father's death.

Sajid Akram, who attacked Jews celebrating the Hanukkah festival at Bondi Beach in Sydney, Austra

Two cases of Nipah virus have been reported in the country; WHO says there is no need to impose restrictions on travel or trade.

Two cases of Nipah virus have been reported in India. Regarding this, the World Health Organizati

IND W vs SA W: South Africa halt India's winning streak, Laura Clarke's half-centuries, Richa's hard work goes in vain

South Africa defeated India by three wickets. In a thrilling Women's World Cup match played in Vi

Covid: First case of corona reported in Odisha after two and a half years, 15 infected in Gujarat; three cases in Haryana

Coronavirus has started spreading in the country once again. The number of coronavirus infected i

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash