Some experts in tax cases are describing the recently introduced new tax bill as important reforms, which will help in making the country’s tax structure modern and easy. The new Income Tax Bill 2025 will replace the 65 -year -old Income Tax Act, 1961. In this bill, the provisions have been restrained by increasing the section, while its total length has been reduced. This has increased clarity about the law and it has made it easier to interpret it.
Grant Thornon Global Peepal Solutions Leader Akhil Chandra in India said, “The bill has been removed in the old, useless and irrelevant provisions. It has formally created a category of virtual digital assets, for example, as a cryptocurrency has been included under the taxable income, eliminating ambiguity. The structure of taxable income and rate is prepared in tabular format. Keeping in mind the emphasis on digital compliance, the bill has tried to make tax filing, dispute settlement and accessory processes easier. ,
The new tax bill has 2.56 lakh words, which are at least 50 % less than the current income tax. Tax experts believe that despite the number of words being reduced, its basic spirit is safe. The legacy of the Income Tax Act has been reserved in the new bill. In addition, structural changes have been made to avoid any kind of trouble. Experts believe that despite the changes in language and making things easier, the structure of capital gains tax has also been preserved in the new tax bill.
Tax partners Himanshu Sinha and Aditi Goyal at Tax Experts and Tricelgal said, ‘Despite all the changes in the new bill, the structure of the law is according to the Income Tax Act 1961. Some issues need to be considered more, but it will be easy for all concerned parties to connect with this balanced attitude.