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published on 24 February 2025 | reading time approx. 4 minutes
The Income-tax Bill, 2025 (“Bill”) is set to replace the Income-tax Act, 1961 (“ITA”) ushering in a significant transformation in India’s taxation framework. This overhaul aims to simplify tax compliance, reduce disputes, and make the taxation system more current. The Bill has been not introduced any structural changes in the taxation framework as it neither tinkers with the tax rates nor proposed any new schemes of taxation.
To enhance clarity, formulae and tables have been incorporated wherever feasible. This includes areas such as tax calculations, deductions, and assessment timelines, which are straightforward to understand and apply.
India's new era in taxation: Features of the Income Tax Bill 2025
Chetan Kakariya
Partner
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Priyanka Limaye
Associate Partner
Kush Khandelwal