Quick Summary
The Income Tax Bill, 2025, which aims to simplify and restructure the existing Income-tax Act, 1961, has been tabled in Parliament. With taxpayers seeking clarity on the new tax regime, special rate provisions, and compliance requirements, here are some important takeaways: No Need to Opt for the
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FAQ :
No, if you have already opted for the new tax regime under the current Income-tax Act, 1961, you will not need to opt for it again under the proposed Income Tax Bill, 2025.
There are no policy changes to special rate taxation. The bill aims to provide more clarity by structuring the laws better, including dedicated sections and simplified tax tables.
All recent income tax slab changes and rebates announced in Union Budget 2024-25 have been incorporated into the Income Tax Bill, 2025.
New rules and forms for tax compliance, including those for Minimum Alternate Tax (MAT) and opting for the new tax regime, will be announced after the Income Tax Bill, 2025, is enacted.
The bill aims to improve understanding by creating a dedicated section for the New Tax Regime, eliminating redundant provisions, and using simplified tax tables for special income categories.
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