Revised Income Tax Bill passed in Parliament
Parliament just passed the revised Income Tax Bill, set to kick in from April 2026 and replace the old 1961 law.
With over 280 updates suggested by a special committee, the bill clears up how refunds work for late or revised tax returns, and tweaks rules for property income and interest deductions on rented homes.
Highlights of the new bill
If you ever file your taxes late or need to revise them, you'll still be able to get any refund owed—less stress about missing out.
The way landlords calculate property income is also getting simpler: now there's a clear standard deduction after municipal taxes are paid, which should mean fewer disputes.
Plus, landlords can claim pre-construction interest deductions on rented properties too.
Overall, these changes aim to make taxes less confusing and more transparent for everyone when the new rules start next year.