Quick Summary
FM Nirmala Sitharaman has tabled the Income-tax (No. 2) Bill, 2025 (Bill No. 104 of 2025) in the Lok Sabha, proposing a sweeping consolidation and amendment of India's income-tax law. Slated to come into effect from April 1, 2026, the Bill seeks to simplify provisions, rationalise definitions and mo
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FAQ :
It is a bill introduced in the Lok Sabha to consolidate and amend India's income-tax law, aiming to simplify provisions, rationalise definitions, and modernise compliance.
The provisions of the Bill are slated to come into effect from April 1, 2026, applying to the assessment year 2026-27 onwards.
Key changes include a complete restructuring of provisions, revised definitions for terms like 'tax year' and 'capital asset', updated capital gains and exemptions rules, special tax regimes for specific entities, and enhanced compliance measures using technology.
Yes, the Bill incorporates a General Anti-Avoidance Rule (GAAR), robust transfer pricing provisions, and restrictions on tax benefits for certain impermissible arrangements.
The Bill introduces enhanced compliance through faceless assessment, mandatory electronic payments, new reporting obligations for crypto-asset transactions, and stricter compliance structures for non-profit organisations and electoral trusts.
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