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The bill introduces structural refinement, time extension and encouragement for digital transactions, maintaining acquaintances. It provides tax audit relief to businesses with a turnover of up to ₹ 10 crore that is mainly engaged in digital payments – a change that could have been included in the current Act.
The bill also replaces an integrated “tax year,” to simplify the tax vocabulary as well as “evaluation year” (Ay) and “previous year” (PY).
In contrast, the Direct Tax Code 2010 proposed comprehensive reforms, which targets all the same treatment as income, including capital gains and home property income, under the philosophy that all income is equally taxed on. Should be applied.
(edited by : Anshul,
first published: February 13, 2025 2:31 pm First
(T) Tax Reform (T) India Tax System (T) Income Tax Bill 2025 (T) Income Tax Bill Selection Committee (T) Tax Transformation (T) Indian Parliament (T) Tax Proposal (T) Tax Law Law
