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The budget session of Parliament started from 31 January.
Today, a new income tax bill, 2025 will be introduced in Parliament. The purpose of the Income Tax Bill is to make income tax laws easier for the common man. This is also expected to reduce tax related cases. The bill was approved by the cabinet last week.
The current Income Tax Act 1961 has so far led to many changes after 66 budgets (including 2 interim budget). Many of its provisions are now over. It is believed that the new law will be applicable from 1 April 2026 which will replace the 64 -year -old law.
Apart from this, the Joint Parliamentary Committee (JPC) report on Waqf (Amendment) Bill 2024 can be presented. On January 30, JPC submitted a draft report to Lok Sabha Speaker Om Birla.
The budget session of Parliament has started from 31 January. The first session will be from 31 January to 13 February and the second session from March 10 to April 14.
5 important changes related to Income Tax Bill 2025 …
Tax year concept
- A new concept of tax year will be brought in the new bill. Currently, taxpayers have many problems due to the assessment year and previous year. Many people get confused in assessment year and financial year (previous year) while paying tax and filing returns.
- With the same concept of tax year, it will be easy for taxpayers to understand which year they are paying taxes and filing returns. Suppose if you earn from 1 April 2025 to 31 March 2026, then your tax year will be 2025-26.
No change in financial year
- Taxpayers should remember that there will be no change in the financial year. It will start from 1 April and end on 31 March. The new bill will not consider the calendar year as a tax year.
Changes in sections
- Many sections can also change in the new bill. In the current Act, Income Tax returns falls under the filing section 139 while the New Tax Resetam Section 115BAC. Both these streams can change in the new bill.
No change in resident laws
- There is no change in resident laws in the new bill. They will remain the same in the new act. The current law residency is divided into three categories: Ordinary, Non-Ordinary and NRI. Tax experts say that there is a need to change the resident laws.
- Under the current laws, taxpayers have to see the record of the last 10 years to detect their residency in the current financial year. Meaning if you have to look at the last 10 years to know how many days you stay in India.
No change in ITR
- According to the announcement made in Budget 2025, there has been no change in the time limit for filing income tax returns, income tax slab and capital gains taxation for ease of taxpayers. Meaning there has been no change in the last date for filing returns, tax slab and capital gains tax.
Waqf (Amendment) Bill 2024 The JPC report of the Waqf (Amendment) Bill can be introduced. JPC approved the draft report on 29 January. 16 members voted in its favor. At the same time, 11 members protested. Opposition MPs involved in the committee objected to this bill.
On January 30, committee president Jagdambika Pal, Nishikant Dubey and other BJP MPs gave a draft report to Lok Sabha Speaker Om Birla. During this time no opposition MP was seen.
JPC created on 22 August The first meeting was held on 22 August, Parliamentary Affairs and Minority Affairs Minister Kiren Rijiju introduced the Waqf Bill 2024 in the Lok Sabha on 8 August. Opposition parties, including the Congress and the Samajwadi Party, opposed this bill and described it as anti -Muslim.
The bill was sent to JPC without any discussion in the Lok Sabha amidst the objection of the opposition and heavy opposition. The first meeting of the 31 -member JPC on the Waqf Bill Amendment was held on 22 August. 44 amendments were to be discussed in the bill.
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