Daybreak A quick guide to the new Income Tax Bill
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Aug 12, 2025 The recent Income Tax Bill aims to simplify India's complex tax structure after sixty years. Key changes include easier processes for TDS refunds and new rules for taxation on vacant properties. Charitable donations will also see revised tax deductions. This reform promises to enhance clarity for everyday taxpayers and tackle long-standing concerns.
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Tax Code Was Halved In Complexity
- The government trimmed the Income Tax Act's word count from over 500,000 to about 250,000 words to simplify the law.
- Snigdha Sharma says this aims to create a shorter, clearer, more transparent tax code.
Tax Rates And Slabs Remain The Same
- The new bill does not change existing income tax rates or slabs, the government clarified.
- Snigdha Sharma notes the bill focuses on simplifying legal language, not raising taxes.
Late Filings No Longer Block TDS Refunds
- Parliament recommended allowing TDS refunds after the return due date without fines, and the revised bill accepts it.
- This change offers relief to taxpayers who miss filing deadlines, Snigdha Sharma explains.