Taxpayers Alert! New Income Tax Bill May Be Presented on August 11– Key Highlights Expected

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Union Finance Minister Nirmala Sitharaman may introduce the much-awaited Income Tax Bill, 2025 in Parliament on August 11. Let us tell you that the new Income Tax Bill 2025 was introduced in Parliament on February 13. Later it was sent to the committee which submitted its report on July 21.

If everything goes well, the Income Tax Bill, 2025 will be introduced in the House next week. Union Finance Minister Nirmala Sitharaman may introduce the much-awaited Income Tax Bill, 2025 in Parliament on August 11. This bill will replace the six-decade-old Income Tax Act, 1961.

The bill was introduced in February

Let us tell you that the new Income Tax Bill 2025 was introduced in Parliament on February 13. Later it was sent to the committee which submitted its report on July 21. The Select Committee has given many important suggestions while presenting its report in the Lok Sabha.

What are the important tips

– The Committee recommended that taxpayers be allowed to claim TDS refund even after the last date of filing ITR without paying any penalty. Regarding the withdrawal of TDS refund claims of persons who are not normally required to file tax returns, the Committee recommended that the provision in the Income Tax Bill, which makes it mandatory for a taxpayer to file income tax return within the due date, should be deleted.

-Anonymous donations given to religious and charitable trusts should be kept free from taxation.

-The Committee appreciated the move by the tax department to replace the dual concepts of ‘previous year’ and ‘assessment year’ with a single term ‘tax year’ in the new tax law.

– The committee has said that the profession of company secretary should not be included in the definition of ‘accountant’. The main reason for this decision is that the draft of Income Tax Bill 2025 has been prepared with the aim of simplifying the provisions of the Income Tax Act 1961.

However, the Income Tax Department has also clarified that there is no proposal to change any tax rate in the new Income Tax Bill. The Income Tax Department said- It is clarified that the purpose of the Income Tax Bill, 2025 is to simplify the language and remove unnecessary or obsolete provisions.

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