The new bill proposes the application of TDS rules to various types of income, including salaries, professional fees, interest income, rent, and more.

However, it is noteworthy that the current Bill is expected to undergo a lot of changes since the income tax portal is still inviting suggestions from people with regards to the new tax bill under the section ‘new’. Either this is just an error of judgement from the income tax department, or the Bill would still undergo a number of changes.

Deductions from salaries, such as standard deduction, gratuity, and leave encashment, have now been consolidated in one section instead of being scattered across various sections

One significant amendment in the revised Income Tax Bill is the introduction of the term 'tax year', which replaces the traditional concept of the 'assessment year'.

While the new Income Tax Bill does not appear to bring in major policy changes, it introduces several structural and linguistic adjustments aimed at simplifying tax laws

Digital economy taxation is another major update — while the DTC lacked specific provisions, the new bill introduces taxation for crypto-assets and digital transactions.

The Income Tax Act 2025 will replace the current Income Tax Act 1961. As the current income tax laws will change, many taxpayers are worried about how the new income tax bill can impact them. Here are 10 things from the new income tax bill that will impact taxpayers.

Aimed at overhauling the nation’s tax system, the Income Tax Bill 2025 seeks to eliminate obsolete sections that have accumulated over decades.

As per the new tax bill, 'undisclosed income' includes 'money, bullion, jewellery, virtual digital asset or other valuable article' or expenditure, income based on any entry or transaction, where such entry wholly or partly represents income which has not been disclosed.