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of <h1>Income Tax Bill 2025: New Provisions for Residents, Non-Residents, Deductions, and Repeal of 1961 Act Explained</h1> The Income Tax Bill, 2025, outlines comprehensive provisions for the administration of income tax in India. It includes definitions, tax charges, and the scope of total income for residents and non-residents. The Bill addresses income deemed received, apportionment between spouses, and exemptions for political parties. It details classifications of income, deductions, and specific conditions for various income heads. It also covers capital gains, losses, deductions for specific expenditures, and special taxation regimes for entities like co-operative societies and non-profit organizations. The Bill further provides for tax authorities' powers, procedures for assessments, penalties, and appeals, and repeals the Income-tax Act, 1961.
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