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of <h1>Income Tax Bill 2025 Clause 530 ensures tax continuity when no Central Act charges income tax at year start</h1> The Income Tax Bill 2025's Clause 530 replaces Section 294 of the Income-tax Act 1961, addressing legislative gaps when no Central Act charges income tax at the start of a tax year. Both provisions ensure continuity by deeming either the previous year's tax provisions or those proposed in pending parliamentary bills to be in force, whichever is more favorable to the taxpayer. The clause prevents administrative paralysis and protects taxpayers from retrospective or harsh provisions during interim periods. Key changes include updated terminology from 'assessment year' to 'tax year' while maintaining identical substantive protections. The provision creates a legal fiction ensuring seamless tax administration until the Finance Act is enacted, incorporating taxpayer-friendly safeguards. Potential ambiguities exist regarding the definition of 'more favorable' and application to procedural versus substantive provisions. The clause represents legislative foresight ensuring stability and fairness in tax collection while protecting both revenue interests and taxpayer rights during transitional periods.
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