Quick Summary
The Income Tax Bill, 2025, aims to make income tax return (ITR) filing more structured and user-friendly. With streamlined provisions for taxpayers, exempt entities, and return deadlines, the proposed changes focus on better clarity and accessibility. Here's how the new framework will impact taxpayers: 1. Easier Understanding of Return Filing Obligations Currently, under Section 139 of the Income-tax Act, 1961, taxpayers required to file returns are listed across multiple sub-sections, makin
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FAQ :
The main goal is to make income tax return filing more structured, user-friendly, clearer, and more accessible for taxpayers.
The Bill consolidates all taxpayer categories required to file returns under one section, Section 263(1)(a), simplifying compliance.
Yes, exempt entities must still file an income tax return if their total income before exemptions exceeds the basic exemption limit.
No, the filing deadlines for different taxpayer categories remain the same, although they are now presented in a clearer tabular format.
No, the rules governing belated, revised, and updated returns remain unchanged.
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