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A Low Down on Simpler, Shorter, Crisper Income Tax Bill, 2025
The New Indian Express Mangaluru
|February 15, 2025
THE New Income Tax Bill 2025, which will replace the 1961 Act, is an attempt at simplifying the tax rules.
While the Bill is shorter and crispier, the language has been simplified.
The Bill has nearly halved the sections (819 to 536), and the number of chapters to 23 from 47. In terms of word count, the reduction is nearly 50% to 2.6 lakh words from 5.12 lakh running into 622 pages, down from 1,647 pages. Another key change is doing away with the 1,200 provisos and the 900 explanations - each change in taxation laws have been passed by Parliament and become part of existing Act - in the new Bill presented in the Lower House on Thursday.
Here are some of the important changes that may affect the common taxpayers:
Salaried class
Dit verhaal komt uit de February 15, 2025-editie van The New Indian Express Mangaluru.
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