Income Tax Bill 2025 to replace 1961 Act, introduces concept of tax year

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However, once this bill is notified, many changes will be required in forms and utilities for reporting purposes,” stated Jhunjhunwala.

Income not forming part of total income has been moved to schedules to simplify the statute,” added Jhunjhunwala.

The new Income Tax Bill, 2025, likely to be introduced in Parliament soon, will come into effect from April 1, 2026, replacing the Income Tax Act, 1961.

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Category: BusinessFinance

Markets: India

Topics: Tax deductions India Tax reforms India Income Tax Bill 2025 New tax year concept Old vs new tax regime Income Computation and Disclosure Standards TDS reforms India Income Tax Act 1961 replacement Indian tax reforms 2025 VDA tax India Dispute Resolution Panel changes India tax dispute resolution Income Tax Bill amendments Virtual digital asset taxation

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Article Type: News Report

Published On: 2025-02-12 @ 15:49:24 (5 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 652 words

Reading Time: 4 minutes read

Sentences: 22 lines

Sentence Length: 30 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 26102022

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