New Income Tax Bill: Taxpayers can expect THESE changes in the legislation likely to be in force from April 1 next year
Lok Sabha's select committee -- which is examining the Income Tax Bill 2025 -- made 285 suggestions. "We have made 285 suggestions to the Bill,' a committee member told PTI when asked about the report.
These changes relate to simplifying the language of the draft legislation. Now, the committee will present the report in the Lok Sabha on July 21. Some of the changes recommended include the following.
1. Removal of provision that denies income tax refunds if returns are filed after the due date. The bill requires that a person seeking refunds must mandatorily file income tax returns within the due date. And section 433 of the new IT bill states that a refund is sought only while filing a return.
2. Deduction under section 80M (which is mentioned under clause 148 of the new bill) for inter corporate dividends for the companies which avail the benefit of special rate of rate under section 115BAA was also missed out in the new income bill. So, this is also proposed to be reinstated.
3. NIL TDS certificate can also be availed by taxpayers, per the committee's suggestions, reported Business Standard. In the current version, new I-T Bill only low TDS deduction certificates were available to the taxpayers.
The Income Tax Act, 1961 has been in force from April 1, 1962. It was amended 65 times with more than 4,000 amendments.
The focus of new income tax bill is on simplification, ease of understanding and clarity. The Bill uses lucid language, active voice and shorter sentences and will remove redundancy and hard-to-understand explanations. The new Bill entails 2.6 lakh words and consists of 536 sections, with the number of chapters reduced to 23.
The bill aims to resolve the issues which arise out of interpretation done by various courts of law. The new bill avoids cross-referencing which means referring to multiple provisions to make sense of what is said in one of them.
For all personal finance updates, visit here
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
News18
2 hours ago
- News18
3 killed as gunmen fire at protesters in Pakistans Khyber Pakhtunkhwa Province
Peshawar, Jul 27 (PTI) Unknown gunmen fired at a gathering protesting against counter-terrorism operations in Pakistan's northwestern province Khyber Pakhtunkhwa on Sunday, leaving three dead and many injured, a top official said. A day earlier, a mortar strike claimed the life of a girl in the Zakha Khel area of the Khyber District, sparking the Sunday demonstration, during which locals placed the girl's body in front of the Momand Ghuz security checkpoint. Suhail Afridi, the special assistant to the Khyber Pakhtunkhwa chief minister, said three people died and eight were injured in the firing by terrorists on the demonstrators in the Tirah Valley. Following the incident, the grieving families and residents of the area staged a protest by blocking the Tank-South Waziristan Road, and demanded immediate identification and action against those responsible for the killings. Afridi said, 'Following the girl's death on Saturday, locals staged a protest in front of the Frontier Corps compound today. They had gathered near he gates when shots were fired." 'I spoke to district officials who told me that terrorists belonging to Fitna-al-Khawarij fired at the protesters," he said, using the term designating members of the banned Tehreek-i-Taliban Pakistan (TTP). The chief minister of Khyber Pakhtunkhwa Province expressed deep sorrow and regret over the Tirah incident. The Khyber Pakhtunkhwa government announced compensation of Rs 10 million for the kin of each deceased and Rs 2.5 million for each injured individual. PTI AYZ NSD NSD view comments First Published: July 28, 2025, 02:00 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
The Hindu
2 hours ago
- The Hindu
Muslim hawker assaulted in Meerut; attempt to create fear, says opposition
After a Muslim cloth peddler was brutally assaulted at Fatehpur Narayan village, under Kithor police station limits, in Meerut district, opposition parties alleged on Sunday that the incident was a targeted attack designed to create fear. While villagers and police claimed Arif was mistaken for a thief, the victim's wife alleged that they were being forced to modify the complaint by the police. 'We have submitted a petition; the case is yet to be registered. My husband, who was selling clothes, was beaten, and now we are being pressured to change the petition by the Sub-Inspector,' said Tausima, the victim's wife, in a viral video. The Hindu reached out to the Meerut police, including the Circle Officer, but failed to get any response. Mob attack The incident happened on July 26. The victim, along with one companion, was selling clothes in the village when 10-15 people gathered and began calling him a thief, demanded his Aadhar card, and proceeded to beat him up. He was taken to Meerut Medical College for treatment. 'This incident shows that there is a complete breakdown of law and order in the state. No one has the right to take the law into their hands; some people emboldened by the dispensation are attempting to create a Jangal Raj kind of situation in U.P.; it is a lynching attempt that aims to create fear,' said Imran Masood, Lok Sabha MP and a senior Congress leader. Lok Sabha MP from Ghazipur, Afzal Ansari, said, 'I condemn this incident, it is clear that the accused have no fear of the administration and rule of law. They know no proper action will be taken, and this encourages them to attack poor Muslims.'
Time of India
2 hours ago
- Time of India
Abhishek to head to Delhi as TMC intensifies SIR stir
Kolkata: national general secretary is expected to reach Delhi this week as the party intensifies its stir in Parliament, demanding an assurance from the Centre "on the floor of the House" that the special intensive revision (SIR) in Bihar will be discussed. Tired of too many ads? go ad free now Trinamool Congress has been consistently opposing SIR, questioning Election Commission's powers to conduct citizenship checks and disenfranchise voters. The party has said SIR requirements mirror Section 3 of the Citizenship Act, 1955, which makes the exercise "NRC in disguise." Over the last week, the party has been hamstrung by the absence of its floor leaders in Lok Sabha. Trinamool's leader in Lok Sabha Sudip Bandyopadhyay and senior MP Saugata Roy are not in Delhi due to health reasons. The party's chief whip in Lok Sabha, Kalyan Banerjee, is representing Bengal govt in cases and shuttling between Supreme Court and Calcutta High Court. On Friday, the party's deputy Lok Sabha leader Kakoli Ghosh Dastidar attended the all-party meeting convened by Speaker Om Birla. Banerjee is likely to remain in Delhi and work on party strategy. The Diamond Harbour MP, who was part of Centre's outreach abroad after Pahalgam attack, is also likely to be a keynote speaker if Operation Sindoor discussions take place in Parliament. A senior MP said: "Trinamool is not opposed to discussions on Operation Sindoor. In fact, we want some answers. But this cannot be at the expense of SIR. Here we are talking of mass disenfranchisement of people who had voted in the 2024 Lok Sabha, based on arbitrary reasoning. We want a clear assurance from the Centre on the floor of the house that SIR will be discussed threadbare in Parliament."
