New Earnings Tax Invoice 2025 PDF: Learn full textual content of proposed new I-T Act | India Enterprise Information
New Earnings Tax Invoice 2025: Finance Minister Nirmala Sitharaman has tabled the New Earnings Tax Invoice in Lok Sabha on Thursday, comprising 536 clauses throughout 622 pages, with an purpose to switch the present 823-page legislation that has been in impact for 64 years. The New Earnings Tax Invoice 2025, written in clearer language, eliminates the idea of “evaluation yr” and introduces “tax yr” to align with the monetary yr.
The brand new 622-page Earnings Tax Invoice 2025 and goals to switch the 60-year-old Earnings Tax Act of 1961 and as soon as handed will likely be known as the Earnings Tax Act, 2025. It’s anticipated to take impact in April 2026.
The Earnings-tax Act of 1961, which has undergone quite a few amendments over time, is being changed with the Earnings-tax Invoice of 2025 to consolidate and replace the legislation referring to earnings tax. The brand new invoice goals to simplify and streamline the tax construction, making it simpler to understand and adjust to for taxpayers and directors.
The invoice introduces provisions for a faceless jurisdiction of income-tax authorities, enabling distant and digital tax administration. It contains measures for alternate dispute resolutions, similar to a Dispute Decision Committee and advance rulings, to facilitate environment friendly decision of tax disputes.
The invoice addresses avoidance of tax by means of measures like switch pricing rules and a Common Anti-Avoidance Rule to stop tax evasion; and mandates the deduction or assortment of tax at supply and advance fee to make sure well timed tax assortment.
It introduces particular provisions for sure sectors, similar to delivery firms, permitting them to go for a tonnage tax scheme. It additionally introduces new tax regimes for people, Hindu Undivided Households (HUFs), and sure firms, together with these engaged in manufacturing.
New Earnings Tax Invoice 2025: Key Highlights
* The Earnings Tax Invoice, 2025, options simplified language, eliminates pointless provisions and adopts concise sentences;
* No further taxes are launched within the Invoice; it consolidates current tax provisions from the Earnings Tax Act, 1961;
* Comprises 536 sections, 23 chapters and 16 schedules inside 622 pages, in comparison with the 1961 Act’s 298 sections, 23 chapters and 14 schedules;
* Implementation scheduled for April 1, 2026; rules to be established after Act notification;
* Incorporates each conventional and new tax frameworks for people, HUFs and different entities;
* Introduces ‘Tax yr’ idea, eliminates advanced phrases like ‘Earlier yr’ and ‘Evaluation yr’;
* Replaces ‘however’ with ‘irrespective’ for readability;
* Utilises tables and formulae as an alternative of ‘explanations or provisos’;
* Incorporates Taxpayer’s Constitution outlining rights and obligations;
* Contains particular provisions for calculating capital positive aspects on market-linked debentures;
* Relocates earnings exclusions to Schedules for improved readability;
* Consolidates wage deductions together with normal deduction, gratuity, and depart encashment in a single part, slightly than dispersing throughout a number of sections/guidelines.
New Earnings Tax Invoice 2025 PDF: Learn Full Textual content Right here
Under is the New Earnings Tax Invoice 2025 full textual content and doc:
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