Income Tax Bill 2025

A major change in India's direct tax laws is underway. The Lok Sabha has passed the Income Tax Bill, 2025, which will replace the 63-year-old Income-Tax Act, 1961. The changes are aimed at making the tax system more transparent and taxpayer-friendly. It allows individuals to claim refunds even with delayed filings and clarifies the rules for deductions on house property and commuted pensions. The bill also provides relief to charitable trusts by reinstating their ability to reinvest capital gains.

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For businesses, the bill removes the controversial proposal to levy an Alternate Minimum Tax on LLPs. While it modernizes the tax code by introducing a single 'tax year', removing the concept of financial and assessment year. It also expands the powers of tax officials to access a person's digital accounts during search operations.

The bill will now move to the Rajya Sabha for approval and is scheduled to come into force from April 1, 2026.

˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
Disclaimer: ^Section 80C allows annual deductions of up to ₹1.5 lacs from the taxable income. Section 10(10D) provides tax-free maturity benefits for investments of up to ₹2.5 Lacs/ year, on policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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