New Income Tax Bill 2025: Exemptions in Schedules II-VII Depend on Meeting Specific Conditions; Noncompliance Leads to Taxation.

Incomes specified in Schedules II through VI of the Income Tax Bill, 2025, are excluded from a person's total income for tax purposes, provided certain conditions are met. If these conditions are not fulfilled, the income becomes taxable. Similarly, individuals listed in Schedule VII are exempt from tax if they meet specified conditions; failure to do so results in taxation. The Central Government is authorized to establish rules or issue notifications related to these provisions as outlined in the respective schedules.