Quick Summary
Individual taxpayers can expect much-needed clarity on tax refunds for belated returns and the computation of standard deductions on house property after the Lok Sabha passed the reintroduced Income Tax Bill, 2025 on August 11. The updated legislation incorporates several key amendments recommended by a 31-member parliamentary panel headed by BJP MP Baijayant Panda. The bill, once enacted, will take effect from April 1, 2026, replacing the Income Tax Act, 1961, which has been in force for over
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The new Income Tax Bill, 2025, will take effect from April 1, 2026.
Yes, the updated legislation ensures that belated and revised tax returns will also be eligible for refunds.
The standard 30% deduction on house property income will be calculated after deducting municipal taxes from the annual value.
The bill modernises India's direct tax framework, replacing the Income Tax Act, 1961, and aims to make tax compliance smoother and reduce litigation.
The government withdrew the initial bill and tabled a revised version after incorporating several critical changes recommended by a parliamentary panel.
CAclubindia
