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of <h1>Income Tax Bill 2025: Consolidates Sections 7 & 8, Streamlines Deemed Income, Updates Employee Benefits & Dividend Rules</h1> The Income Tax Bill, 2025 proposes significant updates to the deemed income provisions of the Income-tax Act, 1961, consolidating Sections 7 and 8 into a single, streamlined clause. It introduces structural changes by dividing deemed income into two sub-clauses, addressing employee benefits and dividend income. The Bill retains key elements like provident fund accretions and government pension contributions while updating references and expanding definitions. For taxpayers, it offers a simplified framework and clearer income recognition guidelines. For tax administration, it promises streamlined enforcement and reduced interpretational disputes, although transition challenges and interpretation issues may arise.
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