https://www.taxtmi.com/news?id=50151 The Select Committee recommended targeted drafting and definitional amendments to the Income Tax Bill, 2025 to align key terms (including capital asset, infrastructure definitions, and MSME categories) with recent statutes, restore omitted cross references and phrases that affect substantive tax outcomes, clarify computation of property and research deductions, preserve taxpayer protections in GAAR by reinstating context sensitive language, and correct procedural and administrative provisions (including timelines, fee prescription, valuer qualifications, and NPO taxation language) to prevent ambiguity and maintain legislative intent. en-us Tue, 22 Jul 2025 15:48:50 +0530 Tue, 22 Jul 2025 15:48:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=50151 The Select Committee recommended targeted drafting and definitional amendments to the Income Tax Bill, 2025 to align key terms (including capital asset, infrastructure definitions, and MSME categories) with recent statutes, restore omitted cross references and phrases that affect substantive tax outcomes, clarify computation of property and research deductions, preserve taxpayer protections in GAAR by reinstating context sensitive language, and correct procedural and administrative provisions (including timelines, fee prescription, valuer qualifications, and NPO taxation language) to prevent ambiguity and maintain legislative intent. News - Tue, 22 Jul 2025 15:48:50 +0530 https://www.taxtmi.com/news?id=50151