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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.
- 4.8++ Rated
- 10.5 Crore Registered Consumer
- 51 Partners Insurance Partners
- 5.3 Crore Policies Sold
Tax Saving Plans
- Get Returns That Beat Inflation
- Zero Capital Gains tax¶
- Save upto Rs 46,800In Tax under section 80C^
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10.5 Crore
Registered Consumer
51
Insurance Partners
5.3 Crore
Policies Sold
Get Instant Tax Receipts
Save Upto ₹46,800 in Taxes Under Section 80C^
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Income Tax
- Income Tax Bill 2025
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.
˜Top 5 plans based on annualized premium, for bookings made through https://www.policybazaar.com in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*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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