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TMI BlogIncome Tax Bill, 2025, to be tabled in Parliament on Thursday: Key highlightsX X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax Bill, 2025, to be tabled in Parliament on Thursday: Key highlights X X X X Extracts X X X X X X X X Extracts X X X X ..... , uses shorter sentences; * The Bill does not impose any new taxes, only puts together the taxability provisions provided in the Income Tax Act, 1961; * Comprises 536 sections, 23 chapters and 16 schedules in just 622 pages. This compares with 298 sections, 23 chapters and 14 schedules in the 1961 Act; * New law to come into effect from April 1, 2026; rules to be put in place once Act is notifi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed; * Includes both old tax regime and new tax regime for individuals, HUFs and others; * 'Tax year' concept introduced, complicated terms like 'Previous year' and 'Assessment year' omitted in the new Bill; * The word 'notwithstanding' removed, replaced with 'irrespective'; * Does not refer to 'explanations or provisos', instead uses tables and formulae; * Taxpayer's Charter, which outlines t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he rights and obligations of taxpayers, included in the Bill; * The Bill provides for special provision for capital gains computation in case of market-linked debenture; * Income not forming part of total income moved to Schedules to simplify the statute; * Deductions from salaries such as standard deduction, gratuity, leave encashment etc, tabulated at one place, instead of being scattered ove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r different sections/rules. PTI JD DP DP SHW X X X X Extracts X X X X X X X X Extracts X X X X
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