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of <h1>Income Tax Bill 2025: Clause 38 to Replace Section 41, Modernizing Taxation on Business Profits and Gains in India.</h1> The Income Tax Bill, 2025, introduces Clause 38, replacing Section 41 of the Income Tax Act, 1961, to modernize the taxation framework in India. Both provisions address the taxation of sums deemed as profits and gains of business or profession, particularly when such sums were previously allowed as deductions. Clause 38 includes detailed sub-sections on taxing benefits from cessation of liabilities, sale of assets, recovery of bad debts, and withdrawals from reserves, with conditions for applicability. It also introduces provisions for successors in business and applies even if the business no longer exists, aiming for clearer definitions and reduced ambiguities.
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