Quick Summary
The Select Committee of the 18th Lok Sabha has finalized the Income-Tax Bill, 2025, as amended and reported in July 2025. Once enacted, the new law will come into force from April 1, 2026, replacing the archaic Income-tax Act of 1961. This sweeping overhaul introduces comprehensive changes across th
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FAQ :
The new Income-Tax Bill, 2025, will come into force from April 1, 2026.
The main goals include simplifying tax administration, enhancing transparency and ease of compliance, incorporating digital processes, and reducing tax evasion.
Highlights include broadened definitions, revamped income classifications (including crypto-assets), an overhaul of capital gains and deductions, codification of GAAR, special provisions for non-residents, faceless assessments, enhanced digital compliance, and updated penalty frameworks.
The bill introduces a General Anti-Avoidance Rule (GAAR) to detect and counteract 'impermissible avoidance arrangements' and includes stringent penalties for non-compliance and misreporting of income.
The bill mandates digital recordkeeping, Aadhaar-based verification, and mandatory electronic submissions, making the tax regime tech-enabled.
Yes, a dedicated chapter outlines registration, income application rules, permissible commercial activities, and compliance requirements for trusts and NGOs.
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