🚨 New Income Tax Bill Introduced: Insights 📢
The Hon’ble Finance Minister, Smt. Nirmala Sitharaman, announced the much-awaited Income Tax Bill, 2025, in the Union Budget 2025.
This comprehensive overhaul of India’s tax structure aims to modernize, simplify, and align our taxation framework with global standards. The bill brings a fresh perspective on tax compliance while ensuring transparency and ease for taxpayers. 📊
👉 I’m sharing 2-3 key changes from the bill that every taxpayer should be aware of:
1️⃣ Tax Year : Presently there is a system of ‘Assessment year’ and ‘Financial Year’ which many a times leads to confusion amongst the taxpayers. Thus, it is proposed to replace with ‘Tax Year’.
2️⃣ Existing Income Tax Act 1961 has total 298 Section and 14 schedule. While new the New Income Tax Bill,2025 has total 536 section and 16 schedule.
As a Chartered Accountant, I believe these changes represent a positive step towards a more transparent and efficient tax regime. However, adapting to these changes will require businesses and professionals to stay updated and proactive in ensuring compliance.
🔍 What’s Next?
The success of this reform will depend on how well it is implemented and how effectively taxpayers embrace the new provisions.
📢 A detailed PDF copy of the same can be accessed by clicking on 📚 Proposed Income Tax Bill
💬 What are your thoughts on this new bill? How do you think it will impact your business or profession? Let’s discuss in the comments below!
#UnionBudget2025 #IncomeTax #TaxReforms #NewTaxBill #ICAI #CharteredAccountant #BusinessCompliance
