Differences between the New Income Tax Bill 2025 and the existing Income Tax Act, 1961
Here is a table summarizing the key differences between the New Income Tax Bill, 2025 and the existing Income Tax Act, 1961 based on the information in that document:
Feature | New Income Tax Bill, 2025 | Existing Income Tax Act, 1961 |
---|---|---|
Structure | Simplified and consolidated | Complex and lengthy |
Tax Rates | New tax regime with fewer slabs | Old tax regime with multiple slabs and exemptions |
General Anti-Avoidance Rule (GAAR) | Introduced | Not present |
Tax Year | Introduced | Assessment Year used |
Tax Administration | Faceless assessment and dispute resolution | Traditional assessment procedures also includes Faceless Assessment procedure |
Residence Rules | Simplified | Complex |
Filing of Returns | Simplified procedures | More complex procedures |
Penalties and Offences | Revised | Old provisions |
Litigation | Aims to reduce litigation | Prone to litigation |
Miscellaneous Provisions | New provisions for pass-through entities, shipping companies, etc. | Old provisions |
Note: This table provides a general overview of the key differences. The specific details may vary depending on the provisions of the new bill.