TaxTMI 
TaxTMI 
TaxTMI 
LS passes new Income Tax Bill; individuals failing to file ITR in time can claim refunds
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....S passes new Income Tax Bill; individuals failing to file ITR in time can claim refunds <br>Income Tax<br>Dated:- 11-8-2025<br>PTI<BR>New Delhi, Aug 11 (PTI) The new Income Tax Bill passed by the Lok Sabha on Monday, will allow individuals to claim TDS refunds even if they fail to file I-T return within due date. The Income Tax (NO.2) Bill, which from April 1, 2026, will replace the Income Tax Ac....
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....t, 1961, was introduced by Finance Minister Nirmala Sitharaman and passed in the Lok Sabha amid din without a debate. The bill cuts down wordage and chapters by almost half and writes the clauses in simpler and easy to understand language. It does away with the confusing concepts of assessment year and previous year, replacing them with easier to understand 'tax year'. The original Inco....
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....me Tax Bill, 2025, which was introduced in February, was withdrawn by the Finance Minister on Friday. Sitharaman on Monday came up with a revised bill incorporating "almost all recommendations" of the Select Committee which had scrutinised the original bill. The Select Committee had suggested that the government should modify the provisions relating to TDS claims by those who fail to file ITR bef....
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....ore the stipulate due date. According to the revised bill, individuals will be allowed to claim TDS refund even if their return of income is filed beyond the statutory timeline provided for filing of the original income-tax return. Thus, the finance ministry has incorporated the provision of the existing Income Tax Act, 1961. The Income Tax(No.2) Bill provides for 'nil' TCS on Liberalis....
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....ed Remittance Scheme (LRS) remittances for education purposes financed by any financial institutions. Nangia Andersen LLP, Partner, Sandeep Jhunjhunwala said deductions in respect of certain inter-corporate dividends for companies opting for concessional rate of taxes have been re-introduced in line with the provisions of the existing Income Tax Act, 1961. The provisions relating to the carry fo....
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....rward and set-off of losses have been appropriately amended and the reference to the beneficial owner has been omitted to align with Section 79 of the Act. "By enabling refunds for belated returns and harmonising definitions of Micro and Small enterprise with allied statutes, the Bill reflects a balanced, pragmatic, and taxpayer-oriented approach," Jhunjhunwala said. EY India, Tax Partner, Samir....
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.... Kanabar said the revised bill addresses key industry concerns like dividend deductions, and the definition of 'associated enterprises'. PTI JD CS JD ANU ANU Bills as Passed by Lok Sabha and Rajya Sabha * Income Tax Bill, 2025 * Taxation Laws Amendment Bill, 2025<BR> News - Press release - PIB....