Before Vicky Kaushal’s Chhaava
Before Vicky Kaushal’s Chhaava
New Income-Tax Bill
New Income-Tax Bill: Simplified, shorter, new concept of ‘tax year’
- 13 Feb, 2025
-
Business
SIMPLIFIED, CRISP language, removal of extra provisos and explanations along with expanded definition of income – these are some of the key features of the new Income-Tax Bill, 2025. The 622-page Bill has also defined a new concept of ‘tax year’ as the 12-month period beginning from April 1 and removes the term ‘assessment year’.
However, no major structural change has been incorporated in the new Bill, with experts saying it is broadly a simplification exercise that will ensure continuity, with consolidated sections to reduce cross references, but lacks any major tw