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
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 Broadcasts
- Daily E-Newsletter
- Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
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
