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Ahead of the passage of the new Income Tax Bill, the Central Board of Direct Taxes (CBDT) has set in motion a detailed implementation program. According to the action plan for fiscal year 2025-26, the board aims to train at least half of its workforce by the end of March.
In technical terms, the new income tax bill, 2025 allows any brought forward long-term capital loss (LTCL) incurred up to March 31, 2026, to be set-off against any short-term capital gains (STCG).
The Finance Ministry is reportedly unlikely to introduce the new Income-Tax Bill during the Budget 2025 session of Parliament. Finance Minister Nirmala Sitharaman announced a review of the Income-Tax Act during her budget presentation in July 2024. According to a…