Section 123 of Income Tax Act, 2025 provides for deduction for life insurance premia, deferred annuity, contributions to provident fund etc, replacing section 80C of the old Income Tax Act, 1961 with effect from 01.04.2026. The entire provision of section 123 of the new income tax are produced below: An individual or a Hindu undivided family, shall be […]
The Presumptive Income Tax Scheme for Professionals under Section 44ADA of Income Tax Act, 1961 (Replaced by Sections 58(2) and 62(1)(a) of the new Income Tax Act, 2025 which is to come into effect from 01.04.2026) is designed to simplify tax calculations for professionals. It allows eligible taxpayers to declare a fixed percentage of their gross receipts
(1) The provisions of sections 26 to 54, to the extent contrary to this section, shall not apply to the specified business or profession mentioned in column B of the Table in sub-section (2). (2) The profits and gains of any specified business or profession as mentioned in column B of the Table below, carried
(1) Every person, carrying on the business or profession fulfilling the conditions specified in column B of the Table below, shall get his accounts of the tax year audited by an accountant, before the specified date Table Sl. No. Conditions for Getting Books of Account Audited A B 1 Where the total sales, turnover, or
The new income tax law, under Section 515(3)(b) of income tax bill, 2025, has retained the existing definition of accountants, ensuring that Chartered Accountants (CAs) continue to serve as auditors without any changes. This decision maintains consistency in financial reporting and auditing practices, providing clarity for businesses and professionals alike. Also, Chartered Accountants (CAs) will continue
Income Tax Act, 2025 is the new law introduced by the Government of India which will replace the 60 year old Income Tax Act, 1961.
Any person carrying on business with total sales, turnover, or gross receipts exceeding fifty crore rupees in the preceding tax year shall provide facility for accepting payments through prescribed electronic methods, in addition to any other electronic payment methods, already offered.
India’s Income Tax Bill, 2025, introduces a major reform by replacing the term “Previous Year” with “Tax Year.” This change aligns India’s tax system with global standards, improves compliance, and enhances transparency. ✅ Key Benefits: Streamlined tax administration 📑 Reduced confusion for taxpayers 💡 Better alignment with international financial systems 🌍 📌 What Was “Previous
1. Structural and Conceptual Changes The Income-tax Bill, 2025 aims to simplify and modernize the Income-tax Act, 1961, while aligning with global best practices. The language is simplified, and redundant provisions are removed. The Bill organizes provisions logically to improve clarity and ease of interpretation. 2. Key Differences in Approach Aspect Income-tax Act, 1961 Income-tax
The Indian government has released the Income-Tax Bill, 2025, proposing significant changes to the existing tax framework. This bill aims to simplify tax laws, improve compliance, and introduce new provisions affecting individuals and businesses. Key highlights of the bill include revised tax slabs, updated deductions, and new measures to curb tax evasion. The proposed changes
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