Income-tax Bill, 2025 Introduced in Parliament
The Income-tax Bill, 2025 has been tabled in Parliament, proposing the repeal and replacement of the 60-year-old Income-tax Act of 1961. The bill aims to simplify the language and structure of the existing Act to improve the ease of doing business.
Need for the Bill
- Frequent Amendments: The numerous amendments to the 1961 Income-tax Act have altered its original framework.
- Complicated Language: The complex language increases compliance costs for taxpayers and hampers the efficiency of direct tax authorities.
Key Highlights of the Bill
- Reduced Volume: The bill removes 283 sections and 24 chapters from the existing 1961 Act.
- Language Simplification: The bill replaces terms like "financial year" and "assessment year" with the simpler term "tax year."
- Clearer Framework: The bill offers a more detailed framework that clearly defines taxable income, compliance rules, and restrictions on commercial activities.
- Virtual Digital Assets: The bill introduces a definition for "virtual digital assets" and outlines their taxation provisions.
- Tax Slabs Unchanged: The existing tax slabs and rebate structures are maintained, ensuring continuity while enhancing usability.
- Elimination of Outdated Provisions: Outmoded provisions such as the "fringe benefit tax" are removed to simplify the Act.
- Additional Features: The bill includes easily readable tables, a taxpayer charter outlining rights and responsibilities, and provisions for alternate dispute resolution.
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