New Income Tax Bill 2025: New Income Tax Law will be implemented across the country from this date, know the big changes
New Income Tax Bill 2025: The Government of India has finally published the draft copy of the most awaited Income Tax Bill, 2025. The new Income Tax Bill will be introduced in Parliament tomorrow i.e. on 13 February. Through this bill, the tax rules are to be simplified and its structure is to be improved. A total of 23 chapters, 16 schedules and 536 clauses have been given in the new bill.
One of the biggest changes in the new bill is the introduction of simple terminology. In which ‘Assessment Year’ will be replaced by ‘Tax Year’ and ‘Previous Year’ will be replaced by ‘Financial Year’. Tax Year.
Will represent a period of 12 months starting from April, which will align it with the financial year framework.
New Tax Bill: New tax bill will be implemented from 1 April 2026, what is special in the 622 page draft?New Income Tax Bill 2025 can be introduced in the Lok Sabha soon and before this its draft copy has come out, which is of 622 pages.
New Income Tax Bill 2025 can be introduced in the Lok Sabha soon and before this its draft copy has come out, which is of more than 600 pages. As it was being speculated earlier that it will be in easier language than the old Income Tax Act and many words included in it will be changed or removed. This is also visible in the draft. Now the entire 12 months of the financial year will be called tax year, while the word assessment year will not be used. Apart from this, the picture has been clarified in the draft from standard deduction to capital gains tax. This New Tax Bill will be implemented from 1 April 2026.