My Concerns About the NEW INCOME TAX ACT
CA Harshil Sheth, an author of Income Tax Ready Referencer shares his view on upcoming New Income tax Law 2025.
Tag: Income Tax Bill 2025
Goodbye 1961 Act, Hello 2025 Bill: Lok Sabha clears digital-first Income Tax Bill—Key changes
After withdrawing the Income Tax Bill on Friday, August 8, Finance Minister Nirmala Sitharaman today (August 11) introduced a new Bill named The Income-Tax (No.2) Bill, 2025. The Bill has been passed by the Lok Sabha.
Commuted pension, house property income, nil TDS, and other changes made in the Income Tax Bill, 2025
The latest version of the Income Tax Bill, 2025 has corrected several drafting mistakes. It is set to take effect on April 1, 2026 for FY2026-27. The corrections include issues related to nil TDS certificates, standard deductions for house property income, tax deductions for commuted pension for non-employee category, among others.
FinMin notifies corrigendum to I-T Bill on interest for advance tax short-payment
The finance ministry on Tuesday notified a corrigendum to the Income Tax Bill with regard to interest to be charged on short payment of advance tax by a taxpayer.
Latest version of new tax bill, 2025 clarifies two key laws on income from house property
Clause 22 of the latest version of the New Income Tax Bill, 2025 has clarified two key laws relating to taxation of income from house property. The first clarification is regarding standard deduction of 30% from the annual value of a residential house property. The second clarification is about availability of tax deduction for pre-construction interest for home loan taken for construction of a house.
Lok Sabha passes income tax and taxation laws amendment bills amid opposition protests
In a brief but consequential sitting on Monday, the Lok Sabha passed two major financial legislations – the Income-Tax Bill, 2025 and the Taxation Laws (Amendment) Bill, 2025 – amid loud protests by opposition members over the Special Intensive Revision (SIR) of electoral rolls.
Lok Sabha passes new Income Tax Bill amid din without debate
New Income Tax Bill 2025: The Income Tax Bill was passed by the Lok Sabha amid din on Monday, after Finance Minister Nirmala Sitharaman introduced a revised version, incorporating most of the recommendations made by the Select Committee headed by Baijayant Panda.
No income tax rebate under Section 87A even if income is less than Rs 7 Lakh under new tax regime in this situation, point out CAs
Chartered Accountant Abhas Halakhandi, writing on X (formerly known as Twitter) has recently brought attention to a concern regarding the denial of the Section 87A tax rebate to eligible taxpayers.
Has the penal interest increased from 1% to 3% on advance tax payment in the new income tax bill 2025? Here’s what CAs say
The Lok Sabha Select Committee recommended correcting a drafting error regarding how interest is calculated for shortfalls in advance tax payments. The revised Income Tax Bill 2025 that was introduced in the parliament yesterday (August 11, 2025) had a drafting error that stated: ”the assessee shall be liable to pay simple interest at the rate of 1% for every month or part of a month, for the period….”.