A Comparative Analysis of Salary Definition: Income Tax Bill, 2025 vs. Income-tax Act, 1961

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..... the existing Section 17(1) of the Income-tax Act, 1961. This analysis examines the key changes, implications, and potential impact of the proposed modifications. 2. Objective and Purpose:  The primary objective appears to be: * Streamlining the definition of salary * Providing greater clarity through separate categorization * Incorporating modern compensation components * Ensuring b .....

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..... clause (h) with identical language 3. Provident Fund Provisions: * Current Act: References "Fourth Schedule" * Proposed Bill: References "Schedule XI" but maintains similar substance 4. Pension Scheme Contributions: * Current Act: References Section 80CCD * Proposed Bill: References Section 124, indicating structural reorganization 3.3 New Additions/Modifications 1. Agniveer Corpus Fun .....

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..... taxation. Key aspects include: * Retention of core components * Improved organization and structure * Updated references to align with new section numbers * Maintained consistency in treatment of established components 6. Conclusion The proposed Clause 16 of the Income Tax Bill, 2025, while maintaining the fundamental framework of salary taxation, introduces welcome structural improveme .....

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