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of <h1>Income Tax Bill 2025: Clause 26 Updates Section 28, Modernizing Business Taxation and Aligning with Global Standards</h1> The Income Tax Bill, 2025, introduces Clause 26, updating the taxation of 'Profits and gains of business or profession' to reflect modern business practices and international standards. It refines Section 28 of the Income-tax Act, 1961, by addressing ambiguities, consolidating export incentives, and including non-monetary benefits. Key changes include terminology shifts, expanded compensation definitions, and alignment with global agreements. Despite maintaining core principles of Section 28, Clause 26 emphasizes clarity and compliance, impacting accounting practices and fiscal planning for businesses. The changes aim to streamline the tax code while accommodating contemporary economic realities.
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