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of <h1>Income Tax Bill 2025 updates Section 14A, clarifies non-taxable income rules, eases taxpayer obligations, and streamlines assessments.</h1> The Income Tax Bill, 2025, modernizes the provisions related to the disallowance of expenditure for non-taxable income, aligning with the core principles of Section 14A of the Income-tax Act, 1961. The 2025 Bill simplifies language and structure, making it more direct and concise while maintaining the fundamental principles. Key changes include modernized terminology, explicit scenarios for assessing officers, and the removal of certain provisions like reassessment powers and retrospective application. This aims to provide clearer obligations for taxpayers and streamline the assessment process for tax authorities, focusing on prospective application and simplified administration.
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