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of <h1>Income Tax Bill 2025: Clause 66 Modernizes Business Income Definitions, Aligns with Current Economic Practices, Enhances Compliance.</h1> The Income Tax Bill, 2025, introduces Clause 66, which modernizes definitions related to business income, reflecting contemporary practices and economic realities. This clause provides clarity for terms used in computing income under 'Profits and Gains of Business or Profession,' ensuring consistency in tax assessments. It contrasts with Section 43 of the Income-tax Act, 1961, which, while historically significant, contains language reflecting mid-20th-century economic conditions. Clause 66 addresses modern financial instruments and digital transactions, offering a more relevant framework for today's businesses. This modernization aims to reduce disputes and improve compliance with updated tax laws.
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