Tax Year reform replaces Assessment/Previous Year system, simplifying compliance and promoting digital adoption and clarity.
The Bill replaces the Assessment Year/Previous Year regime with a single Tax Year, raises presumptive taxation thresholds for businesses and professionals, retains capital gains rates, extends filing deadlines, and provides digital transaction audit relief. It restricts housing loan interest deduction to set off against rental income only, removes HRA exemption, specifies a standard deduction, limits deductible employer retirement contributions by reference to basic salary percentages, and preserves exclusive tax audit rights for Chartered Accountants. (AI Summary)