Comparison of Section 201 "New tax regime for individuals, Hindu undivided family and others." between the Income-Tax Act, 2025 (as passed) and the Income-Tax Bill, 2025 (as originally introduced)

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.... between regimes, tax administrators and sectors with deductions under enumerated provisions. Effective date or decision date: Not stated in the document. Background & Scope Statutory hooks: Clause 202 of the Income Tax Bill, 2025 (a provision within the Bill titled "New tax regime for individuals, Hindu undivided family and others"). The provision aims to create an alternative tax computation regime for persons listed in subsection (1). Coverage: the persons enumerated in subsection (1)(a)-(e). Definitions or explanations: Not stated in the document beyond the enumerated categories; references to "this Part" and "Parts A, B" indicate linkage to other Parts of the Bill but the contents of those Parts are Not stated in the document. Statu....

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....he document. Exceptions/Provisos Key carve-outs: subsection (2) prescribes that "total income" for the regime shall be computed without any exemption or deduction under the listed provisions-Schedule III entries (specified table items), sections 144, 19(1) (Table: Sl. No.1), 22(1)(b) (re properties in section 21(6)), 33(8), 48, 49, 45(3)(a)/(b)/(c), 46, 47(1)(a), and "of Chapter VIII other than the provisions of sections 124(1), 125(3) and 146." Further, subsection (2)(b) excludes set-off of certain carried forward losses or depreciation attributable to the exclusions, and disallows set-off of house property loss against other heads. Subsection (2)(c) excludes any exemption or deduction for allowances/perquisites provided under any other ....

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....ferences between Section 202 of the Income-tax Act, 2025 and Clause 202 of the Income Tax Bill, 2025 - (Old Version) and Practical Impact * Scope vis-`a-vis other parts of the Act: Act version (Document 1) qualifies subsection (1) with "Irrespective of anything contained in this Act other than Chapter XVII-B but subject to Parts A, B, E and this Part of this Chapter," whereas the Bill version (Document 2) states "Irrespective of anything contained in this Act but subject to the provisions of Parts A, B and this Part." * Practical impact: The Act excludes Chapter XVII-B explicitly and adds Part E in the list; the Bill does not refer to Chapter XVII-B or Part E and omits an explicit carve-out. This may change which other provisions (....

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....shall be available to such Unit subject to fulfilment of the conditions contained in that section." Bill (Document 2) refers to: "In case of a person, having a Unit in the International Financial Services Centre, who has exercised the option under sub-section (4) for any tax year from 2020-21 to 2023-24, the provisions of sub-section (2) shall be modified to the extent that deduction under the said section shall be available to such Unit subject to fulfilment of the conditions contained in that section." * Practical impact: The Bill limits the special rule to units which exercised the option for 2020-21 to 2023-24; the Act removes that temporal restriction and frames it generally (no reference to specific tax years). Practically, the Act ....