New Income Tax Bill 2025
New Income Tax Bill 2025: Finance Minister Nirmala Sitharaman introduced the Income Tax Bill 2025 in the Lok Sabha on Thursday, February 13, which has been sent to the Select Committee of the House for review. If this bill is passed, then major changes can be seen in many areas of income tax.
There will be a change in the bill after 63 years
New Income Tax Bill 2025 was introduced by Nirmala Sitharaman on 13 February in the budget session of Parliament, this bill was introduced to change the Income Tax Act 1961, after 63 years this Income Tax 1961 bill will be amended and new income tax rules will be implemented in which changes will be made in many areas including digital payment, tax payment, standard deduction, apart from this, relief will be given to pensioners and NPS and insurance exemptions. Let us know which changes can be seen in this new tax bill.
Pension
NPS tax relief: In the New Income Tax Bill 2025, tax deduction will be made in pension and insurance and NPS. Apart from this, tax exemption will be given in retirement fund gratuity and PF contribution and tax exemption will also be provided in mutual fund investment.
Provision of penalty on tax evasion
In New Income Tax Bill 2025, penalty will be imposed on tax evaders, on which strict rules have been implemented, interest and penalty will be imposed on tax evaders and those who do not pay tax and the accounts of those who do not show their actual income and try to hide it from the government can be closed and a case can also be filed against the tax evaders.
Agriculture has been kept tax free
In the New Income Tax Bill 2025, agriculture has been exempted from tax in certain special cases, in which tax relief will be given on the amount given as grant to religious institutions.
The limit of standard deduction has been increased
In the New Income Tax Bill 2025, the government has increased the limit of standard deduction, according to which standard deduction can be claimed on Rs 75,000 instead of Rs 50,000. The limit of standard deduction for family pensioners has been increased from Rs 15,000 to Rs 25,000.
New income tax slab has been created
In New Income Tax Bill 2025, a new income tax slab has been created by the government so that people can save more tax, through this tax up to 17500 can be saved.
Dispute to Trust Scheme
Dispute to Trust Scheme was created for the settlement of old taxes through New Income Tax Bill 2025, in which those people who had not paid their old bills and taxes, their disputes can be settled through Dispute to Trust Scheme, after this rule, disputes can be resolved easily and tax related disputes will also be reduced.
Digital payment and e-KYC are necessary
Digital payment is being promoted in New Income Tax Bill 2025 so that people become more and more digitally active and e-KYC has also been made mandatory so that people can pay tax easily.
