Taxmann's Analysis | From ITA to ITB – 50+ Changes You Must Know

The Finance Minister, Smt. Nirmala Sitharaman introduced the Income-tax Bill 2025 (ITB) in Parliament on February 13, 2025, bringing significant changes. This article highlights the top 50+ key changes in ITB, including:

‣ Modifications in Terminology

‣ Taxation of NPOs

‣ Business Income Deductions

‣ Capital Gains

‣ Procedural Reforms in Assessments, Reassessments, and Tax Compliance

𝐌𝐚𝐣𝐨𝐫 𝐊𝐞𝐲 𝐮𝐩𝐝𝐚𝐭𝐞𝐬 𝐢𝐧𝐜𝐥𝐮𝐝𝐞:

‣ Replacement of the term "previous year" with "tax year"

‣ A new taxation framework for Non-Profit Organizations (NPOs)

‣ Exclusion of GST from the cost of assets for input tax credit claimants

‣ Revised reassessment provisions with extended limitation periods

‣ Expanded scope of search, seizure, and survey powers

‣ New regulations on tax deductions, appeals, and penalties

‣ Introduction of digital assets into tax liability and compliance

Download/Read More: https://taxmann.social/8aU2O [14 Mins | Read Time]

Authored by Taxmann's Advisory & Research Team | Income Tax

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