Income Tax Bill Highlights | FM tables document, Lok Sabha adjourned

Income Tax Bill Updates | Simplified version brings in 'tax year' concept; omits 'previous year' and obsolete clauses

The Income Tax Bill, 2025, will replace 298 sections and 14 schedules in the six-decade old voluminous legislations, with a 622 page new law enshrined in 526 section.

Currently, for income earned in the previous year (say 2023-24), tax is paid in assessment year (say 2024-25). This previous year and assessment year concept has been removed and only 'tax year' under the simplified bill has been brought in.

Public inputs and suggestions had earlier been invited in four categories: simplification of language, litigation reduction, compliance reduction, and redundant/obsolete provisions. The income tax department has received 6,500 suggestions from stakeholders on review of the Income Tax Act.

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Income Tax Bill Updates | Insurance industry expects that the new bill increases the existing deductions available for life and health insurance premiums

Income Tax Bill Updates | New Bill is likely to become law by April 1, 2026

Income Tax Bill Updates | Here's what to expect in new bill

As per the proposed law, clearer tax treatment on stock options (ESOPs) have been included for reduced tax disputes and includes judicial pronouncements of the last 60 years for more clarity.

As per new law, the CBDT can now frame tax administration rules, introduce compliance measures, and enforce digital tax monitoring systems without requiring frequent legislative amendments as per the Clause 533.

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Income Tax Bill Updates | Govt lists Income-Tax Bill, 2025 for introduction in LS on Thursday

The government has listed a bill to consolidate and amend the law relating to income-tax for introduction in the Lok Sabha on Thursday.

According to the agenda circulated by the Lok Sabha secretariat on Wednesday, Finance Minister Nirmala Sitharaman will introduce the Income-Tax Bill, 2025.

The much-anticipated Bill will replace terminologies like assessment and previous year with easier to understand 'tax year' as part of move to simplify language while removing provisos and explanations.

Income Tax Bill Updates | Will the new Income Tax continue offering tax rebates under Section 87A of the Income Tax Bill, 1961?

While presenting the Budget 2025, FM Sitharaman had pointed out that the government is planning to increase the rebates offered under Section 87A from Rs 25,000 to Rs 60,000 under the new Income Tax law.

The rebate covered under 87A of the I-T law has been continued under Clause 156 of the new I-T bill, as per an expert.

Income Tax Bill Updates | Will there be changes to filing dates when the new I-T bill becomes law?

According to experts, there will be no change in due dates for filing income tax returns as per the new I-T bill. They will remain the same:

Individuals- 31st July

Companies- 31st October

Tax Audit Cases-31st October

Transfer Pricing Cases - 30th November

Revised Return - 31st December [9 months from the end of relevant Tax Year or before the completion of assessment, whichever is earlier]

Income Tax Bill Updates | Comparison of Standard Deduction limits: Income Tax Act, 1961 vs Income Tax Bill, 2025

Income Tax Bill Updates | Key Changes in Mutual Fund taxation under Income Tax Bill, 2025: A comparison

Income Tax Bill Updates | Nirmala Sitharaman tables Income Tax Bill, 2025 in Lok Sabha

Income Tax Bill Updates | Oppn walks out while FM presents Income Tax Bill, 2025

Income Tax Bill Updates | 4,000 amendments made from previous Act

Income Tax Bill Updates | Number of words have come down by half: FM

Income Tax Bill Updates | What next?

The Bill will now be sent to a review committee, which will suggest changes and sent back the same to the government. After this, cabinet ministers will consider the recommendations and send the bill back to the Parliament.