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of <h1>Income Tax Bill 2025's Clause 29 Refines Deductions for Employee Welfare Contributions, Aligns with Global Transparency Trends</h1> The Income Tax Bill, 2025, introduces Clause 29, which refines the framework for deductions related to employee welfare contributions, such as provident funds, superannuation, pension schemes, and gratuity funds. It sets clear guidelines and limits for these deductions, aiming to reduce disputes and enhance compliance. Clause 29 is compared with Sections 36 and 40A of the Income Tax Act, 1961, highlighting its more explicit conditions and structured approach. This clause aligns with global trends towards transparency in tax deductions and is expected to streamline compliance and reduce litigation in employee welfare taxation.
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