​Income-Tax Bill, 2025 Tabled in Parliament

On 13th February 2025, the Income-Tax Bill, 2025 was tabled in Parliament, marking a major step towards simplifying the Income-Tax Act, 1961, by improving readability and reducing complexity.

Key Changes

  • Simplification Objective: The Bill focuses on textual and structural simplification without altering tax policies or rates, ensuring continuity.
  • Introduction of 'Tax Year': The Bill replaces the term 'assessment year' with 'tax year,' aligning taxation with the period of economic activity.
  • Three-Pronged Approach: The exercise eliminates intricate language, removes redundant provisions, and reorganises sections for easier navigation.
  • Quantitative Impact: The Bill reduces the Act’s volume significantly.
  • Qualitative Improvements:
    • Simplified language for better accessibility
    • Consolidation of amendments ....
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