New Income Tax Bill 2025: Finance Minister Nirmala Sitharaman (Nirmala Sitharaman) announced the introduction of New Income Tax Bill (New Income Tax Bill) in the budget speech on 1 February. Today (February 13) Finance Minister will introduce a ‘new income tax bill’ in Parliament. The new Income Tax Bill, 2025 has been designed to replace the old law of 1961. The goal of the new law is to eliminate the complexities of the old law and make it understandable to the common taxpayers and to reduce the burden of litigation. The biggest change will be used for tax calculation, the word ‘tax year’ will be used instead of ‘Financial Year’ or ‘Assessment Year’.
PM Modi’s rags will be blown away, stop if you can stop… Claims of terrorist attack on Prime Minister’s aircraft, call to Mumbai Police
Earlier, the Finance Minister made a complete copy of the New Income Tax Bill on 12 February. The bill is 622 pages and many important amendments and provisions have been added to it. Come, let us know in detail and easy language what changes have been made in this new bill and which income will not be taxed.
What is going on in Maharashtra, brother! Eknath Shinde again gave Uddhav Thackeray ‘deep wounds’, Matoshree’s loyal leader resigns, Shinde will be included
Which income will not be part of the total income?
Chapter-3 of the new Income Tax Bill states which income will not be part of your total income.
Clauses made in Schedule-2,3, 4,5,6 and 7 of the bill, the income coming in those categories will not be considered part of the total income to calculate tax. Rather, it will be different calculations according to the rules mentioned in the schedule. This includes income from farming, money coming from insurance and income coming from PF etc. However, it has been told in the bill that if the conditions fixed for the categories stated in the schedule are not fulfilled in any tax year, then the calculation of tax will be taken on them according to that year’s tax rules. The Central Government Bill can make rules for Schedule-2,3,4,5,6 and 7. Can issue new notifications for them. The income of political parties and electoral trusts will not be included in total income. While calculating the total income of a political party or electoral trust, the rules of Schedule-8 of the Bill will be applicable. Schedule-8 states that political parties will have to keep an account of income, capital gains etc. from their property. If he takes electoral bonds for more than Rs 20,000, then his record will have to be kept. He cannot take a donation of more than Rs 2,000, if he does, he will have to keep its record.
PM Modi US Visit: PM Modi reached America after France, Indians welcomed strong
What changes have been made in the new bill :-
1) New tax year and taxable income
This bill clarified the definition of “tax year”, which will make it easier for taxpayers to understand which period of income will be taxed.
New Tax Year Main Points (New Tax Year Key Points)
The definition of taxable income has been expanded. New tax rules will be applicable for citizens living in India and earning income from abroad. New conditions of taxation have been implemented on income from transfer of a property.
2) Tax-free and exempted income
The government has proposed to keep some income sources completely tax free.
Types of Tax-Exempt Income
The income of political parties and electoral trusts has been given tax exemption. Agricultural income has been kept tax-free under certain conditions. Special businesses, startups and SME sectors have been given tax concessions. There will be tax exemption on religious trusts, social welfare institutions and donated amount.
3) New rules for calculating tax
In this bill, the income of income and tax rates has been changed, which will make the rules more clear for taxpayers.
Main change
A new tax structure has been introduced for salaried employees.
New rules of rebate and deduction on income received for house owners have been made. New rules of taxation have been implemented on Capital Gains, which will affect the stock market and property investors. New deduction and tax exemption have been provided for business and professional taxpayers.
4) Easy procedure in tax payment and e-KYC mandatory
The government has made e-KYC and online tax payment mandatory to make the tax system digital and transparent.
Main change
E-Filing will be mandatory, which will increase transparency in tax payment. Online tax calculation system will be developed, so that taxpayers will be able to calculate their tax on their own. The GST and Income Tax are being considered to be integrated.
5) New rules on business and professional income
New provisions of taxation have been added to businessmen and professionals.
Significant change
Tax exemption and easy taxation process for startups and small scale industries. New tax rules on income from online and digital business. Special benefits for insurance, banking and finance sectors. New rules have been added for business expenses and cuts.
6) Tax benefits on pension and investment
Tax exemption on NPS and EPF was increased. More tax benefits on insurance schemes. Tax benefits on investing in retirement funds and mutual funds.
7) Strict provisions and fine on tax evasion
Strict punitive provisions have been added to those who save tax by giving incorrect information.
Giving wrong or incomplete information will cost heavy fines. Intentionally tax evaders can be prosecuted. More interest and penalty for non -payment of outstanding tax. The right to confiscate the account seas and property on hiding income.
8) New tax administration and tax officials role
New training and monitoring system for tax authorities. New rules of tax inspection and investigation. Taxpayer charter to protect the rights of taxpayers.
The main objective of the Income Tax Bill 2025 is to make the tax system simple, transparent and taxpayer-friendly. In this bill, strict rules have been proposed on digitization, improvement in tax payment, change in tax slab and tax evasion.
Anna Hazare retaliated on Sanjay Raut, said- ‘Some people have their mindset…,’ Uddhav Thackeray’s MP, know what is the whole matter
Follow the lalluram.com mp channel on whatsapphttps: //whatsapp.com/channel/0029va6fzuulsmbenxua9j0m
