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of <h1>Proposed Income Tax Bill 2025 Introduces Simplified Tax Structure with Lower Rates and Reduced Exemptions for Individuals and HUFs</h1> A new tax regime introduced in the Income Tax Bill, 2025 proposes revised tax slabs and elimination of various exemptions for individuals, Hindu Undivided Families, and other specified entities. The clause aims to simplify tax computation by offering lower rates in exchange for foregoing deductions. Key changes include a nil tax rate up to Rs. 4,00,000, graduated rates up to 30% for higher incomes, and comprehensive restrictions on exemptions and loss set-offs. Taxpayers can choose between the old and new regimes, with specific conditions for exercising and withdrawing the option.
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