The Headlines – What is the New Income Tax Bill 2025? Income Tax Act 1961 to be replaced; top points taxpayers should know

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The Headlines – What is the New Income Tax Bill 2025? Income Tax Act 1961 to be replaced; top points taxpayers should know

New Income Tax Bill 2025: The Lok Sabha has passed the New Income Tax Bill 2025, a major overhaul aimed at simplifying tax procedures for individuals and corporations. The revised bill, incorporating recommendations from a Parliamentary Select Committee, reduces text volume, streamlines the taxation timeline, and clarifies provisions for refunds and deductions.

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