Finance Minister Nirmala Sitharaman may introduce a new income tax bill 2025 in the Lok Sabha on Thursday, February 13, 2025. Earlier, the government on Wednesday announced the draft of the Income Tax Bill. The purpose of this bill is to simplify the income tax law by making many changes to its language. The biggest change would be to use the word 'tax yar' instead of 'financial year' or 'assessment year' for tax calculation.
The bill states that what and what kind of income will not be considered a share of the total income during the tax calculation. Many types of rules have been made for this.
Chapter 3 of the new income tax bill explains which income would not be part of your total income.
The income in those categories created in the Bill's Schedule-2, 3, 4, 5, 6 and 7 will not be considered as part of the total income for the tax calculation. Instead, it will be counted differently in accordance with the rules outlined in the schedule. These include agricultural income, insurance money and income from PF etc.
However, the Bill states that if the conditions set for the categories specified in the list are not fulfilled in any tax year, the tax on it will be calculated in accordance with the tax rules of that year.
The central government can make rules for the bill schedule-2,3,4,5,6 and 7. Can issue new instructions for them. The income of the political parties and the election trust will not be included in the total income. When calculating the total income of any political party or election trust, the rules of the schedule of the bill will apply.
Schedule-8 states that political parties will have to keep accounts of income, capital gains, etc. from their property. If it is Rs. If you take electrical bonds worth more than 20,000, it will have to maintain a record. He cannot donate more than Rs 2,000, if he does so he has to keep his record.
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