India’s tax system might be set for a major transformation with the New Income Tax Bill 2025. In this video, we’ll take you through the key highlights of the bill, which aim to simplify, modernise, and streamline tax laws.
We’ll explore how the introduction of a unified “Tax Year” is said to replace terms like “Assessment Year” and “Previous Year,”. We’ll also look at how salary-related deductions like standard deductions, gratuity, pension, etc. might now be consolidated under Section 19 for easier access.
We’ll see how the presumptive tax scheme limits are to be increased for businesses and professionals, reducing compliance burdens. We’ll also break down the expanded definition of Virtual Digital Assets, bringing cryptocurrencies and NFTs into the tax framework. Additionally, we’ll explore how TDS provisions might be restructured under Section 393, making compliance simpler.
While some things are changing, tax slabs, standard deductions, ITR deadlines, key exemptions, etc. remain the same. With the bill under parliamentary review, we’ll keep you posted on what happens next!
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