Bimal Jain
Quick Summary
The New Income Tax Bill, 2025 set to take effect from April 1, 2026, represents a comprehensive overhaul of the existing tax framework. It consists of 536 clauses, 16 schedules, and 23 chapters, introducing significant changes to streamline and modernize tax administration. Key shifts include the in
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FAQ :
The New Income Tax Bill 2025 is set to take effect from April 1, 2026.
The bill comprises 536 clauses, 16 schedules, and 23 chapters, representing a comprehensive reorganisation of the tax framework.
Yes, the old tax regime will continue, with deductions currently available under Chapter VI-A of the present Income Tax Act still being available in the new bill under Chapter VIII.
The bill delegates more powers to the Central Board of Direct Taxes (CBDT), enabling it to implement tax schemes independently and enhance digital tax monitoring without frequent legislative amendments.
The bill strengthens compliance mechanisms, including faceless assessments and digital record-keeping, and introduces a more structured approach to penalties for non-compliance.
The bill replaces the concept of 'previous year' and 'assessment year' with a 'tax year', defined as a twelve-month period of the financial year commencing on April 1st.
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