Key Features of the Income Tax Bill, 2025:

🔹 Simplified Tax Structure: The bill reduces complexity by eliminating redundant provisions and using clearer language. Tables have been introduced for tax calculations related to TDS, presumptive taxation, and salary deductions. 🔹 Introduction of ‘Tax Year’ Concept: The traditional ‘previous year’ and ‘assessment year’ will be replaced with a unified ‘tax year’, simplifying compliance. 🔹 Expanded Definition of Income: The bill broadens the scope of taxable income, ensuring a more comprehensive tax framework. 🔹 Greater Powers for Tax Authorities: Authorities will have broader access to electronic records, including emails, social media, and financial accounts, to track tax evasion. While this strengthens enforcement, it raises privacy concerns. 🔹 Reduced Litigation: India’s tax disputes stood at ₹13.4 trillion in March 2024. The bill aims to cut down legal battles and promote voluntary compliance. Finance Minister Nirmala Sitharaman calls this a step toward a modern, transparent tax system, aligning India with global standards. However, concerns remain regarding potential misuse of increased surveillance powers.