https://www.taxtmi.com/news?id=33759 The Simplified Income Tax Bill, 2025 repeals and replaces the Income-tax Act, 1961 and introduces a consolidated tax year concept replacing the previous and assessment year framework. It omits obsolete provisions, consolidates TDS-related sections with tables and formulae, relocates income excluded from total income into schedules, clarifies ESOP tax treatment, and includes a Taxpayer's Charter, all intended to simplify language, reduce compliance costs, and improve administrative efficiency. en-us Wed, 12 Feb 2025 16:31:03 +0530 Wed, 12 Feb 2025 16:31:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=33759 The Simplified Income Tax Bill, 2025 repeals and replaces the Income-tax Act, 1961 and introduces a consolidated tax year concept replacing the previous and assessment year framework. It omits obsolete provisions, consolidates TDS-related sections with tables and formulae, relocates income excluded from total income into schedules, clarifies ESOP tax treatment, and includes a Taxpayer's Charter, all intended to simplify language, reduce compliance costs, and improve administrative efficiency. News - Wed, 12 Feb 2025 16:31:03 +0530 https://www.taxtmi.com/news?id=33759