Comparison of section 324 "Charge of tax in case of a firm." between the Income-Tax Act, 2025 (as passed) and the Income-Tax Bill, 2025 (as originally introduced)

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....Both items are located under "Assessment of firms" and captioned "Charge of tax in case of a firm." Document 1 is presented as Section 324 of the Income-tax Act, 2025; Document 2 is presented as Clause 324 of the Income Tax Bill, 2025 (Old Version). Coverage: both texts state the rule for charging tax on a firm's total income. Definitions or explanations: Not stated in the document. Statutory Provision Mode Text & Scope Document 1 (Act): "In the case of a firm which is assessable as a firm, tax shall be charged on its total income at the rate as specified in any Central Act for relevant tax year." Document 2 (Bill - Old Version): "In the case of a firm which is assessable as a firm, tax shall be charged on its total income at the rat....

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....year" - implying that if a central enactment other than the Finance Act specified a rate for that year, that rate might be applicable. (This example adheres strictly to the text; whether such alternative enactments exist or apply is Not stated in the document.) * Example 3: Whether transitional or savings provisions apply where the source changes from the Bill wording to the Act wording is Not stated in the document. Interplay Interaction with Rules/Notifications/Circulars: Not stated in the document. The texts do not mention any Rules, Notifications or Circulars that modify or clarify the application of the rate-source provision. Differences Between the Two Provisions and Their Practical Impact * Textual difference: Document 1 (Sect....

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....ce; the Act text's change to "any Central Act" may expand ministerial or parliamentary flexibility or may be an editorial/general drafting choice - the document does not state intent. * Unstated matters: Whether the change was deliberate, its policy rationale, or whether administrative guidance will follow is Not stated in the document. Practical Implications * Compliance and risk areas: The principal compliance point is establishing which statutory instrument prescribes the applicable tax rate for a firm in a given year. Under the Bill wording, practitioners would look to the Finance Act. Under the Act wording, practitioners may need to consider whether any Central Act (not limited to the Finance Act) prescribes a rate, which coul....