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New Income Tax Bill 2025
August 15 , 2025
15 hrs 0 min
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- Parliament passed the Income Tax (No. 2) Bill, 2025 to replace the Income Tax Act 1961 after sixty years.
- The new law aims to modernise tax administration without changing current tax rates.
- It simplifies the terminology by introducing the unified term tax year instead of assessment year and previous year.
- The bill has 536 sections and 16 schedules.
- The number of chapters has been brought down to 23 from 47 and the number of Sections to 536 from 819.
- It allows individuals to claim tax deducted at source (TDS) refunds even if returns are filed late without penalty.
- It also broadens the powers of income tax officials, allowing them to forcibly break into personal emails and social media accounts of assesses during search operations.
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