CA Sakchi Jain Instagram – India’s Income Tax Bill is changing after 63 years! Here’s what’s new! 📜
✔️ Tax Year Concept Introduced – No more “Previous Year” & “Assessment Year,” now it’s just Tax Year 2025-26 for better clarity.
✔️ Sections & Pages Reduced – From 819 sections to 536, and from 823 pages to 622 for a simplified tax structure.
✔️ Language Made Simpler – Complex terms like notwithstanding replaced with irrespective to make tax laws easier to understand.
✔️ All Salary Deductions in One Place – No more scattered provisions; everything salary-related is now under one section for easy reference.
✔️ Faster & Digital Compliance – Government shifting towards faceless, paperless tax processing for smoother filing & reduced litigation.
This bill aims to make tax laws clearer and compliance easier! What do you think—will this benefit taxpayers? Comment your views below!
Follow for more tax updates! Till then bye. 🫶🏻 | Posted on 16/Feb/2025 19:31:47
