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of <h1>Clause 67 Revamps Capital Gains Taxation, Aligns with Modern Practices, Updates Section 45 of Income Tax Act, 1961.</h1> Clause 67 of the Income Tax Bill, 2025, updates the taxation framework for capital gains, aligning it with modern economic realities and addressing specific scenarios like insurance recoveries, conversions to stock-in-trade, and beneficial interests in securities. It builds on Section 45 of the Income Tax Act, 1961, maintaining core principles but introducing detailed provisions to close loopholes and clarify tax liabilities. Both provisions emphasize taxing capital gains in the year they are realized, with Clause 67 offering more refined guidance for contemporary business practices. These changes aim to modernize the tax code, ensuring equitable treatment and compliance.
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