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of <h1>Proposed Income Tax Bill 2025: Simplifies Property Income Valuation, Expands Deductions, and Eases Compliance with Section 23 Changes.</h1> The analysis compares Section 23 of the Income Tax Act, 1961, with Clause 21 of the proposed Income Tax Bill, 2025, regarding the determination of the annual value of property income. The new bill simplifies the structure by consolidating provisions and using clearer language. Key changes include reducing the criteria for annual value determination, providing separate guidance for vacant properties, expanding deductions to include service taxes, simplifying rules for self-occupied properties, and extending the nil-value period for stock-in-trade properties. These changes aim to simplify compliance, reduce litigation, and maintain core principles.
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