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of <h1>Tax Reform Targets Emerging Income Streams with Unified 12.5% Rate for Lottery, Crypto, Patents, and Digital Assets</h1> Concise Legal Summary (100 words):Clause 194 of the Income Tax Bill, 2025 introduces a comprehensive taxation framework for special income categories in India. The provision establishes flat tax rates for various income streams including lottery winnings, patent royalties, carbon credits, virtual digital assets, online games, and life insurance business profits. Maintaining the existing 12.5% tax rate for life insurance business from Section 115B, the new clause consolidates multiple income types under a single provision. The legislation aims to modernize tax treatment, address emerging economic realities, and provide clarity on taxation of specialized income sources. It represents a strategic approach to simplifying and updating India's income tax regulations.
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