Quick Summary
The Income Tax Department of India has introduced a new utility tool designed to assist taxpayers in navigating the transition from the existing Income-tax Act, 1961, to the proposed Income-tax Bill, 2025. This tool allows users to compare specific sections of the current Act with the corresponding clauses in the new Bill, facilitating a clearer understanding of the changes and continuities in the tax legislation. Key Features of the Utility Tool Section Comparison: Users can input a parti
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FAQ :
The new utility tool allows taxpayers and tax professionals to compare specific sections of the Income-tax Act, 1961, with the corresponding clauses in the proposed Income-tax Bill, 2025.
The Income-tax Bill, 2025, aims to replace the Income-tax Act, 1961, with a more streamlined and comprehensible tax framework, reducing content and clarifying provisions.
The new Bill condenses over 800 sections into 536 sections, eliminates redundant provisions, rephrases complex clauses, and avoids provisos and explanations for clearer presentation.
The tool facilitates a clearer understanding of the changes and continuities in tax legislation by enabling direct comparison between the old Act and the new Bill, promoting better compliance and informed decision-making.
Taxpayers, tax professionals, and other stakeholders can use the utility tool for simplified navigation and comparison of tax provisions.
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