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of <h1>Income Tax Bill 2025 Introduces Clause 32 for Deductions, Modernizing Tax Code with Focus on Investment and Welfare.</h1> The Income Tax Bill, 2025, introduces Clause 32, which outlines various deductions for computing taxable income from business or profession, aiming to modernize the tax code to reflect current economic realities. It largely mirrors Section 36 of the Income Tax Act, 1961, with updates for clarity and scope. Key provisions include deductions for bonuses, interest on borrowed capital, contributions to credit guarantee funds, and marked to market losses. The clause emphasizes infrastructure investment, support for small industries, and employee welfare. These changes have significant implications for compliance, investment incentives, and corporate social responsibility initiatives.
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