https://www.taxtmi.com/article/detailed?id=13580 The Bill replaces the previous year/assessment year model with a defined tax year, retains the old tax regime while creating a new regime with revised rates, and reorganises substantive provisions across clauses and schedules. It confines the definition of Accountant and the conduct of tax audits to Chartered Accountants, preserves key mechanisms such as TDS/TCS and rebate provisions, and maintains existing ITR due dates. The Bill delegates expansive operational powers to the CBDT for rulemaking and digital enforcement, mandates faceless assessments and electronic record-keeping, and tightens penalties and anti-avoidance measures. en-us Tue, 18 Feb 2025 08:15:10 +0530 Tue, 18 Feb 2025 08:15:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=13580 The Bill replaces the previous year/assessment year model with a defined tax year, retains the old tax regime while creating a new regime with revised rates, and reorganises substantive provisions across clauses and schedules. It confines the definition of Accountant and the conduct of tax audits to Chartered Accountants, preserves key mechanisms such as TDS/TCS and rebate provisions, and maintains existing ITR due dates. The Bill delegates expansive operational powers to the CBDT for rulemaking and digital enforcement, mandates faceless assessments and electronic record-keeping, and tightens penalties and anti-avoidance measures. Articles Income Tax Tue, 18 Feb 2025 08:15:10 +0530 https://www.taxtmi.com/article/detailed?id=13580