https://www.taxtmi.com/news?id=52338 Parliament enacted the Income Tax Bill, 2025 to replace the Income Tax Act, 1961 effective April 1, 2026; it preserves existing tax rates while simplifying statutory language, consolidating and reducing sections and chapters, and introducing tables and formulas to clarify computation and administration. The legislature will issue FAQs, an information memorandum and simplified rules to implement the new law and requires rebooting income-tax computer systems. The Taxation Laws (Amendment) Bill, 2025 was also returned, adjusting block assessment rules for search cases and extending certain direct tax benefits to specified foreign public investment funds, while aligning pension scheme tax benefits. en-us Tue, 12 Aug 2025 21:16:03 +0530 Wed, 13 Aug 2025 16:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=52338 Parliament enacted the Income Tax Bill, 2025 to replace the Income Tax Act, 1961 effective April 1, 2026; it preserves existing tax rates while simplifying statutory language, consolidating and reducing sections and chapters, and introducing tables and formulas to clarify computation and administration. The legislature will issue FAQs, an information memorandum and simplified rules to implement the new law and requires rebooting income-tax computer systems. The Taxation Laws (Amendment) Bill, 2025 was also returned, adjusting block assessment rules for search cases and extending certain direct tax benefits to specified foreign public investment funds, while aligning pension scheme tax benefits. News - Tue, 12 Aug 2025 21:16:03 +0530 https://www.taxtmi.com/news?id=52338