New Income Tax Bill 2025: The New Income Tax Bill 2025 will be tabled in Parliament on Monday, August 11, towards the central government. There is also a lot of discussion about this bill. The select committee formed on the bill has made many recommendations regarding the new Income Tax Act. Let us tell you about 10 of those suggestions, which have been given by the committee.
- The parliamentary panel report on the new income tax bill was introduced in the Lok Sabha on 21 July. The Select Committee suggested that the defense should be further tight, the confusions should be removed and it should be better optioned with the existing system.
- After a lot of discussion, the committee gave 285 reconditions, which focus on simplifying the tax system and making income tax law clear and easy.
- The committee, in its report, described several improvements at the base of the suggestions of stakeholders, which are necessary to make the bill more clear and easy to understand.
- The parliamentary panel has given total 566 suggestions/reconditions in its 4,584 page report.
- The committee suggested that a rule associated with the income tax refund should be removed, in which there was talk of not giving refunds for late ITR. It was necessary to file an ITR time for refund in the old bill.
- The committee suggested change in Section 80M (Claus 148 of the new bill), which is related to deduction on inter-corporate dividend for special tax rate companies.
- The committee also suggested that taxpayers should be given permission to get zero TDS certificate.
- The Income Tax Department cleared that no change was recorded in tax rates, although some news had a change in long -term capital gains (LTCG) tax rates.
- The committee suggested that the defense of micro and small enterprises should be done according to the MSME Act.
- In the report, the recommendation of the changes has also been made in the bill for advanced ruling fees, TDS on Provident Fund, Lower Tax Certificate and Clarity Powers on Penalty Powers.