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Parliament passes new Income Tax Bill 2025
Parliament just gave the green light to a revamped Income Tax Bill, aiming to finally update India's tax system for 2025 and beyond.
This new law, packed with nearly all the changes suggested by a special committee led by Baijayant Panda, is set to replace rules that have been around since 1961.
What's in the new bill?
The bill focuses on cleaning up confusing language and fixing errors in the old tax code.
It redefines how property income is handled and tweaks deduction rules—basically making things clearer and fairer.
The tax slabs stay the same for now, but these updates should make filing taxes simpler and reduce penalties if you slip up.