INCOME TAX NEW RULES 2025 ACT

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... INCOME TAX NEW RULES 2025 ACT
By: - Vikrant sharma
Income Tax
Dated:- 27-2-2025
The Income Tax Act, 1961, is HISTORY NOW!! The Income Tax Bill 2025 brings clarity, simplifies compliance, and encourages digital adoption. IMPORTANT HIGHLIGHTS:- 1️⃣No More AY & PY Confusion! - Say hello to "Tax Year" instead of the complicated Assessment Year & Previous Year system! 2A .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 039;⃣ Higher Limits for Businesses & Professionals 📈 44AD (Business): ₹2 Cr ➡ ₹3 Cr 📈 44ADA (Professionals): ₹50 Lakh ➡ ₹75 Lakh 3️⃣ Housing Loan & Rental Income Updates 🏡 Interest on Housing Loan - Can only be set off against rental income 🏡 Self-Occupied Property - No deduction for housing loan interest .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 🏡 Loss from Rental Property - Can be adjusted against other rental income but not carried forward 4️⃣ Exemptions & Allowances Tweaked 💼 HRA (House Rent Allowance) - No exemption allowed! ✈️ Travel & Daily Allowance - Still allowed for official tours/trips 📉 Standard Deduction: ₹75,000 🏦 Employer Contributions (Deduction Eligibi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... lity) - 🔹 NPS: Up to 14% of basic salary 🔹 EPF: Up to 12% of basic salary 5️⃣ Tax Filing Due Dates Extended 🗓️ Tax Audit Filing: Sept 30 ➡ Oct 31 🗓️ ITR Filing: Oct 31 ➡ Nov 30 6️⃣ No Change in Capital Gains Tax - LTCG & STCG rates remain unchanged! 7️⃣ Digital Push for MSMEs - Businesses with .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... up to ₹10 Cr turnover via digital transactions get audit relief! 8️⃣ CA Exclusive Audit Rights - Despite speculations, only Chartered Accountants can conduct tax audits. Relief for CAs! 9️⃣ More Sections, Less Complexity - The new law has 536 sections, 23 chapters, and 16 schedules - structured better for easier interpretation! 🔟 Fewer Pages, More Clarit .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... y - From 823 pages (old Act) ➡ 622 pages (new Bill). More concise, yet comprehensive! Stay tuned for further updates!
Scholarly articles for knowledge sharing by authors, experts, professionals .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X