TaxDoctor

Here are some observations on The Income Tax Bill 2025.

It is approved by Cabinet but still to be tabled in Parliament and further will be sent to Parliamentary standing committee for their observation and again to be tabled in parliament for enactment.

1. The definition of accountant remains same. only Chartered Accountant is authorised for tax audits.

2. In section 393 , there is table only which specifies the rate of tax to be deducted and threshold for deduction. There is no seperate section for each type of transaction.

3. As per section 369, Tax is required to be paid as per assessment if you file appeal before honourable High court or Honourable supreme Court.

4. There are 3 types of Assessment:

a. Best Judgement
b. Faceless assessment
c. Block Assessment

5. General Assessment and escaped assessment is covered under section 280 and 281

6. Assessment are limited upto 6 years.

7.The Bill still does not specify the time limit for appeal disposal by CIT(Appeals)

8. A seperate schedule is given for Exempt Income

9. There are still significant reliance in rules relevant for the sections

10. Tax year to be used instead of Previous Year and Assessment Year.

11. Income of Political parties are still exempt from Tax.

12. As per section 59, Fixed place of profession word is used along with permanent establishment for Taxation of Royalty and FTS

What's your view on new Income Tax Bill 2025. Whether it will reduce litigation?

Income Tax Bill 2025 Key Changes | New Income Tax Act 2025 | Union Budget 2025 | TaxDoctor Income Tax Bill 2025 Key Changes | New Income Tax Act 2025 | Union Budget 2025 | TaxDoctor Finance Minister Nirmala Sitharaman introduced the new Income Tax ...

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https://youtu.be/-dMIXaQX8YY?si=qcWaILEJ0v7q_pgy

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