New Income Tax Bill 2025: The new Income Tax Bill has been introduced in the Parliament. Many major changes have been made in it so that even the common man of the country can understand the tax system without any lawyer or CA.
Many unnecessary provisions like section 54E have been removed from the new Income Tax Bill. This is a section which provides information on the rules of how to save tax on capital gains from selling residential house property. Along with this, many old rules and exemptions have also been removed, which are no longer relevant.
In the new Income Tax Bill, the provisions related to TDS and Presumptive Taxation have been presented in a tabular format so that it becomes easier for taxpayers to understand them.
In the new bill, the provisions related to DRP have been made more clear so that they are easy to understand and also help in resolving disputes. This update in the Dispute Resolution Panel (DRP) will help in reducing litigation and will also help in resolving tax related disputes.
In the new bill, the concept of Tax Year was introduced in place of Assessment Year, which will start from April 1 and will run till March 31.
In the new bill, it has been said that other digital assets including cryptocurrency will now be kept in the property category. That is, now they will be considered as capital assets and tax will be levied on them.
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