Go to Live Updates
Income Tax Bill LIVE updates: The government has made the new Income Tax Bill public before it is set to be tabled in the Parliament on 13 February, 2025. The new spans over 622 pages and will be replacing the six-decade-old Income Tax Act 1961. The Bill includes 23 chapters, 16 schedules and 536 clauses to simplify tax language.
The bill also proposes simple terms such as ‘tax year’ lt proposes introduction of taxpayer’s charter, detailed section suggesting foreign cos to be deemed as residents
The Income-Tax Bill, 2025, introduces a new tax regime with a focus on simplifying tax compliance and offering an alternative tax structure to individuals and businesses. Here are the key takeaways for taxpayers:
Also Read New Income Tax Bill likely to be introduced this week – All your FAQs answered New Income Tax Bill LIVE: Key details out; check for details New Income Tax Bill may be tabled in Parliament next week: Sitharaman New Income Tax Bill unlikely to be tabled in Parliament this week! Here’s all you need to know
Here’s all you need to know as a tax payer.
New Tax Regime:
The bill proposes a new tax regime for individuals, Hindu Undivided Families (HUFs), and others. Once a taxpayer opts for the new regime, it cannot be withdrawn in later years unless specific conditions are violated. Under this system, taxpayers will need to forgo certain deductions and exemptions in exchange for a lower tax rate
Impact on Taxpayers:
Salaried individuals may see reduced compliance burdens under the new system, but they must weigh the loss of deductions before opting in.
Businesses can benefit from lower corporate tax rates but must ensure they meet the eligibility conditions.
Crypto traders and investors will need to comply with stricter taxation and reporting requirements.
Special Tax Provisions for Cryptocurrency
The Bill reinstates a flat 30% tax on income from virtual digital assets including – crypto, NFTs, etc. There will be no deductions or exemptions allowed, except for the cost of acquisition. It also proposed a 1% TDS on crypto transactions remains applicable to track digital transactions
Live Updates 12:42 (IST) 12 Feb 2025 New Income Tax Bill 2025 Live Updates: No Option to Switch Back
New Income tax Bill won’t allow tax payers to switch between old and new regime.
» Read More
