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<h1>Income tax law replacement streamlines compliance, allows refunds for belated returns and preserves broad search-and-seizure access.</h1> The Income Tax (No.2) Bill, 2025 replaces the prior framework, simplifying structure and replacing assessment/previous year concepts with a tax year; it preserves TDS refunds for belated returns, reintroduces certain dividend deductions, amends loss carry forward and set off rules, omits the beneficial owner reference, provides nil TCS on LRS education remittances, harmonises Micro and Small enterprise definitions, and retains search and seizure powers including authority to force entry and override access codes to computer systems as defined to include virtual digital space.