Finshots Daily A beginner’s guide to understanding the new Income Tax Bill
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Feb 15, 2025 Discover the key changes in the new Income Tax Bill aimed at simplifying the tax landscape. The bill slashes the complexity of tax laws from 800 pages to a more manageable 600. Learn about the consolidation of deductions and the introduction of simpler terminology that makes tax obligations clearer. The podcast also highlights enhancements in tax authority capabilities, fostering greater transparency and efficiency in the taxation process.
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Bill's Purpose
- The new Income Tax Bill aims to simplify existing laws, not change them.
- It reorganizes sections for clarity, condensing from 800 to 600 pages.
Deductions Simplified
- Deductions were scattered across the old law, making it hard to find applicable ones.
- The new bill groups them under "Deductions to be made in computing total income."
Simplified Terminology
- Confusing terms like "previous year" and "assessment year" are replaced with "tax year."
- This simplifies tax filing by eliminating confusion between PY and AY.