Income tax bill 2025 download 6 days ago · New Income Tax Bill: The much-anticipated Income Tax Bill, 2025, was introduced in Parliament today, marking a major effort to streamline the language and structure of the existing Income-tax Act, 1961. 24 of 2025 ) Save as otherwise provided in this Act, it shall come into force on the 1st April, 2026 2 days ago · Click on the link to download Finance Bill 2025: Download here Click on the link to download the Budget 2025 speech: Download here. The Bill maintains fundamental taxation principles while simplifying language and aligning terms with contemporary practices. Description: Income Tax Bill 2025 #pdf Submitted By: Shree . Feb 12, 2025 · Income Tax Bill 2025 Download Preview. This Section (276CCC) is now mentioned under clause 480 of the Income Tax Bill, 2025. It consists of 536 clauses, 16 schedules, and 23 chapters, introducing significant changes to streamline and modernize tax administration. Aimed at 6 days ago · Income Tax Bill 2025; Income Tax Calculator in Excel for AY 2026-27; New Tax Regime - Exemptions and Deductions; TDS Amendment - Budget 2025; Tax Comparison Calculator under New Tax Regime as per Finance Bill 2025; Automatic Form 16 Part A&B in Excel for FY 2024-25; FAQs On New Income Tax Bill 2025; Drafting Appearance and Pleading 1 day ago · The income tax bill does not contain a provision corresponding to the seventh proviso of the Income Tax Act. on 12 February 2025. It contains 536 sections, 23 chapters and 16 schedules which contain all the aspects of taxation in India. 3 days ago · The new Income Tax Bill 2025, tabled in Parliament recently, is being seen by taxation experts as a landmark reform aimed at modernizing and simplifying India’s tax framework. NEw Income tax Bill 2025 Click here to Download The Income-tax Bill, 2025, classifies all incomes under five heads for the purposes of charge of income-tax and computation of total income. Income from ₹12,00,001 to ₹16,00,000: 10% Income from ₹16,00,001 to ₹20,00,000: 15% Feb 12, 2025 · The New Income Tax Bill, set to be tabled at the Lok Sabha by the Union Finance Minister Nirmala Sitharaman is out now. This bill is designed to simplify tax Feb 5, 2025 · Income Tax Bill, 2025. Order now! Book have Comparative table showing Provisions of Income Tax Act, 1961 and Provisions of New Income Tax Bill 2025. The current Income-tax Act was enacted in 1961 and came into existence with effect from 01. Once enacted, it will replace the current Income-tax Act, 1961 (the 1961 Act), which has been in existence for over six decades. The finance minister introduced the Income-tax Bill, 2025 (the Bill), in Parliament. Disclaimer: This data is being furnished to you for your information. This provision defines the circumstances under which an ITR must be filed, such as foreign travel, turnover or gross receipt exceeding the threshold limit, etc, even if an individual’s annual income is below the basic income exemption limit. The Bill has 536 Section and 16 (XVI) Schedules and is set to name the upcoming act as Income Tax Act, 2025. 6 days ago · This Tax Alert summarizes key changes that are proposed in the recently tabled Income Tax Bill 2025 (ITB 2025) in Parliament. Feb 12, 2025 · income tax bill parliament new income tax bill 2025 pm modi nirmala sitharaman आ गया नया इनकम टैक्स बिल! जानें आम आदमी के लिए क्या-क्या बदलेगा, टैक्स फाइलिंग होगी आसान या बढ़ जाएंगी 6 days ago · The Income Tax Bill 2025 promises sweeping reforms aimed at modernizing and simplifying an entrenched tax system. This is set to replace the decades old Income Tax Act of 1961. 6 days ago · Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025, aiming to modernize India’s tax system. Feb 12, 2025 · Here’s a more detailed comparison between the Income Tax Bill, 2025 and the Income Tax Act, 1961: Feature: Income Tax Act, 1961: Income Tax Bill, 2025: Total 22 hours ago · Income Tax Bill, 2025: The new tax Bill has proposed to decriminalise Section 276CCC of the Income Tax Act, 1961. The Central Board of Direct Taxes (CBDT) has 6 days ago · NEW Income Tax Bill: In a major development, Finance Minister Nirmala Sitharaman has tabled the much-anticipated Income Tax Bill 2025 in the Indian Parliament today. Key provisions such as the definition of total income, tax computation, capital gains, and deductions have been renumbered or updated. About Book: Comparative Table Showing Provisions of Income Tax Act, 1961 and Provisions of New Income Tax Bill, 2025; Statement of Objects & Reasons; Notes on Clauses; Financial Memorandum 5 hours ago · In a major step towards tax reforms, Union Finance Minister Nirmala Sitharaman announced that the government has received more than 60,000 inputs from citizens for the upcoming Income Tax Bill, 2025. Utility to check section of Income-tax Act, 1961 (as amended by Finance (No. %PDF-1. 5. New Income Tax Bill 2025: FAQs on Key Changes. Salaries [Income from house property; Profits and gains of business or profession; Capital gains Feb 13, 2025 · The goals of the New Income Tax Bill 2025 are to streamline tax regulations, create a uniform tax system, make compliance easier, and expand the tax net. Other files by the user. The bill, which introduces substantial changes to the existing income tax framework, aims to overhaul the current system with new provisions and adjustments. The Income Tax Act has undergone many changes since 1961, as certain changes are made to it every year through the Union Budget. Speaking at a post-Budget event, she emphasized that the review of the Income-Tax Act, 1961, is deeply rooted in Prime Minister Narendra Modi’s Feb 12, 2025 · The Income Tax Bill, 2025 comprises 536 sections, higher than 298 sections of the current Income-Tax Act, 1961. Salary-related changes include an increased standard deduction and exemption for digital work tools. PRS makes every effort to use reliable and comprehensive information, but PRS does not represent that this information is accurate or compl Feb 12, 2025 · The Income Tax Bill 2025 introduces huge amendments to the definition of “resident in India,” affecting individuals, Hindu Undivided Families (HUFs), firms, and companies. Sandeep Jhunjhunwala, M&A Tax Partner at Nangia Andersen LLP says, "Carved out now in 23 chapters divided into 536 sections and 16 schedules, over 600 pages, a quick look at the new bills demonstrates its comprehensiveness compared to existing Income Tax Act with 298 sections and 14 schedules. Future Implications. . Feb 12, 2025 · The Income-Tax Act, 2025 will be implemented from April 1, 2026. It further contains Statement of Objects Feb 13, 2025 · On February 13, 2025, the Hon’ble Finance Minister introduced the new Income Tax Bill 2025 (‘the Bill’) in the Parliament. Jan 14, 2025 · a bill . Read also: Section Mapping | Income Tax Act, 1961 corresponding to Income Tax Bill, 2025. The Income Tax Bill 2025 introduces significant changes to the taxation framework, aiming to simplify and modernise tax laws. A key feature of the new bill is the restructuring of income tax slabs under the new tax regime, providing substantial relief to middle class taxpayers: Income up to ₹12,00,000: No tax. The Bill aims to simplify the language of the existing law as amended to date. The journey of the Bill began in 2009 when the Indian government released its first draft to address the growing complexities of the existing tax laws. 6 days ago · The New Income-Tax Bill 2025 seeks to modernize and simplify the current tax framework, replacing the Income-Tax Act, 1961, which has undergone over 4000 amendments since its inception. 6. 1 day ago · A contention is being put forth by some people that as per the new income tax bill 2025, the exemption available to depreciable assets in the present Income Tax Act (ITA) is being withdrawn / negated in the new Income Tax Bill 2025 (ITB) For this purpose one needs to go back to the Apex Court 6 days ago · In an effort to simplify tax compliance, the Income Tax Bill 2025 introduces changes designed to make filing returns more straightforward. 6 days ago · Finance minister Nirmala Sitharaman tabled the Income-Tax Bill, 2025 yesterday, which will replace the Income-Tax Act, 1961. 04. Under clause 480 now tax officers need to take approval of higher authorities before initiating prosecution under clause 480 (Section 276CCC). 6 days ago · Govt released Income-Tax Bill, 2025 (Download) Income Tax: The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13 Feb 12, 2025 · The New Income Tax Bill, set to be tabled at the Lok Sabha by the Union Finance Minister Nirmala Sitharaman is out now. to amend the south carolina code of laws by adding section 12-6-511 so as to eliminate the imposition of the income tax on individuals, estates, and trusts; by repealing section 12-6-510 relating to tax rates for individuals, estates, and trusts; by repealing section 12-6-515 relating to income tax brackets; by repealing section 12-6-520 relating to annual adjustments to income tax 4 days ago · The income tax department has uploaded a new simplified Income Tax Bill, 2025, on its portal, enabling taxpayers to match sections between the old and new legislation. Many anticipate that the changes will simplify tax compliance and enhance overall transparency in the tax system. The new Bill is designed to enhance clarity without making significant policy changes. Scope of total income. Overall, there will be 23 chapters instead of 47, and there will be 536 clauses in place 2 days ago · The Simplified Income Tax Bill 2025, introduced by Finance Minister Nirmala Sitharaman, will replace the outdated Income Tax Act. While the new bill aims to streamline tax computation, it introduces significant changes to presumptive taxation under Section 58, which consolidates Sections 44AD, 44ADA, and 44AE of the existing law. ” on page 53 and modifying marginal headings, such as Feb 13, 2025 · The New Income-tax Bill, 2025 has been tabled in Parliament. 3 days ago · The New Income Tax Bill was introduced in the Lok Sabha on 13th February 2025. 6 days ago · Key Points of the New Income Tax Bill, 2025 . 3. 6 days ago · In an effort to simplify tax compliance, the Income Tax Bill 2025 introduces changes designed to make filing returns more straightforward. It outlines the goals of the new bill, the simplification efforts undertaken, and specific changes across various sections of the tax code. 8. 2) Act, 2024) vis-a-vis corresponding Clause of Income-tax Bill, 2025!New Press Release: Executive Summary on the Comprehensive Simplification of the Income-tax Act, 1961 !New General FAQs on the Broad scope of New Income-tax Bill!New 6 days ago · What is the Income Tax Bill 2025? The Income Tax Bill 2025 is the set of rules and regulations upon which the Income Tax Department levies, administers, collects and recovers taxes. The bill aims to simplify tax… 2 days ago · The Income-Tax Bill, 2025, introduced in the Lok Sabha on February 13th, 2025, aims to replace the Income-tax Act, 1961. The bill seeks to replace the 65-year-old Income Tax Act of 1961, making way for a more structured, accessible, and digitally driven tax law under the Income Tax Act, 2025. 4 days ago · Income-tax Act, 2025 – BILL No. It includes virtual digital assets, grants authorities access to digital spaces, and clarifies dispute resolution while removing obsolete exemptions. . The Bill, consisting of 536 clauses within 23 chapters and 16 schedules, seeks to simplify the existing Income Tax Act, 1961 (‘the Act’). Bill No. 24 of 2025 THE INCOME-TAX BILL, 2025 _____ ARRANGEMENT OF CLAUSES _____ CHAPTER I P RELIMINARY C LAUSES 1. 6 days ago · In a bid to simplify the current income tax laws, the new income tax bill has made some changes. Feb 1, 2025 · Union Budget 2025 Highlights. CHAPTER II B ASIS OF CHARGE 4. 6 days ago · Summary: The New Income-Tax Bill, 2025, a 622-page document with 536 sections, 23 chapters, and 16 schedules, is set to replace the Income Tax Act of 1961, which spanned 880 pages. Feb 5, 2025 · Income Tax Calculator for FY 2025-26; Income Tax Bill 2025: Top FAQs Answered for Taxpayers; Simplify Your Tax Calculations with comparison with Old and New Regime as per the Finance Bill 2025; Section 194F of Income Tax Act: Impact on Your Income Tax Return; An Overview of Real Estate (Regulation and Development) Act (RERA), 2016 Feb 13, 2025 · The Indian taxation system is set for a major transformation with the proposed Income Tax Bill, 2025, introduced in Parliament on February 13, 2025 (Today) before speaker Om Birla. 6 days ago · Some of the key takeaways based on perusal of the Income-Tax Bill 2025 made available with the MPs are as under: Overview of the Construct as compared to the earlier Income-Tax Act 1961 (“ITA”): The ITB is proposed to be effective from 1 April 2026 and would comprise of 536 sections, which are spread over 23 chapters and 16 schedules. Feb 15, 2025 | Simply Register/Sign In to access the free content across the portals! Not 6 days ago · New Income Tax Bill 2025 Pdf: वित्त मंत्री निर्मला सीतारमण ने लोकसभा में भारी हंगामे के बीच नया इनकम टैक्स बिल पेश कर दिया। 6 दशक पुराने आयकर कानून की जगह लेने वाले नए 2 days ago · Summary: The New Income Tax Bill 2025, recently tabled in Parliament, seeks to simplify and consolidate the provisions of the Income Tax Act, 1961. The Income Tax Bill, 2025 contains: 536 Sections; 16 Schedules; and the Income Tax Bill, 2025 divided into 23 Chapters. This initiative addresses issues like bulky language, outdated provisions, and extensive cross-references, making the law concise and user-friendly. The Gazette of India. This authoritative source includes Budget Highlights, the complete Finance Bill 2025, Notes on Clauses, relevant notifications, and more—ensuring professionals, practitioners, and students gain a clear, comprehensive understanding of all the latest reforms. Some key highlights include: Organized and Simplified Framework: The bill simplifies lengthy sections and provisions, replacing terms 5 days ago · Lok Sabha has issued a corrigenda for the Income Tax Bill, 2025, detailing corrections related to formatting, references, and legal citations. During the course of numerous amendments to the Income tax Act, 1961, several policy decisions were incorporated as separate provisions. Here are the key takeaways of Income Tax Bill 2025 for taxpayers – Income Tax Bill 2025 – Key Updates Highlights. 7. This 656-page book provides a detailed analysis of the proposed Income Tax Bill 2025. The new Income Tax Bill 2025, set to be tabled in Parliament on Thursday (13th Feb 2025), marks a historic moment in India’s tax landscape, as it will replace the current year legislation introduced way back in 1961. EXTRAORDINARY PART II — Section 2 PUBLISHED BY AUTHORITY Feb 12, 2025 · New Income Tax Bill 2025 Extract of some provisions. The bill simplifies terms, introduces a ’tax year’, and 6 days ago · Union Finance Minister Nirmala Sitharaman introduced the Income Tax Bill 2025 in the Lok Sabha on Thursday, aiming to simplify tax laws. Experience a meticulously compiled Union Budget 2025–26 edition covering Income-tax, GST, and Customs. Download THE INCOME-TAX BILL, 2025 (PDF) THE INCOME-TAX BILL , 2025 ( Bill No. The primary goal of the New Income Tax Bill is to make tax legislation more accessible. The Bill is slated to become effective on 1 April 2026. Income Tax Bill 2025: There has been a significant reduction in the text of new Income Tax Bill 2025, in comparison to the existing Income Tax Act, 1961. Residence in India. By consolidating various provisions under one umbrella, the bill aims to offer better clarity for every category of assessee while keeping essential filing deadlines and return provisions intact. Downloaded: Feb 12, 2025 · The much-awaited Income Tax Bill, 2025 is here to replace the old Income Tax Act of 1961, bringing a revolutionary change to India’s tax landscape! Set to be introduced in Lok Sabha this week, this bill aims for a simpler, modernized, and transparent tax system. Revised Income Tax Slabs and Rates. Income Tax Bill 2025, introduced by Finance Minister Nirmala Sitharaman in the Lok Sabha, aims to replace the existing Income Tax Act, 1961, by simplifying the tax laws and improving clarity for taxpayers. 24 OF 2025 – View/Download . (3) Save as otherwise provided in this Act, it shall come into force on the 1st April, 2026. At the heart of these reforms is the overhaul of Section 10 of the Income Tax Act, 1961, the section that deals with various exemptions. Feb 8, 2025 · Objectives of the New Income Tax Bill. Nirmala Sitharaman, the Hon’ble Finance Minister, on 13. Clause wise summary of the Bill as under: 1 Feb 12, 2025 · FAQs on new Income Tax Bill, 2025. Short title, extent and commencement. The eligible saving instruments for 6 days ago · New Income Tax Bill 2025: Finance Minister Nirmala Sitharaman on Thursday (Feb 13) tabled the New Income Tax Bill, 2025 in Lok Sabha. Will these changes simplify taxation and benefit businesses in the digital economy? Here are the major provisions that have been revamped in the new Income Tax Bill, 2025: Preview PDF New Income Tax Bill 2025 Income Tax Bill 2025: Key Highlights & PDF Download. Key shifts include the 6 days ago · Summary: The New Income-Tax Bill, 2025, a 622-page document with 536 sections, 23 chapters, and 16 schedules, is set to replace the Income Tax Act of 1961, which spanned 880 pages. Income deemed to be received. Speaking at a post-Budget event, she emphasized that the review of the Income-Tax Act, 1961, is deeply rooted in Prime Minister Narendra Modi’s Jan 14, 2025 · a bill . Avail a flat 30% discount for a limited period with free shipping. Sitharaman has also requested the Lok Sabha Speaker to nominate members 6 days ago · The New Income-Tax Bill 2025 seeks to modernize and simplify the current tax framework, replacing the Income-Tax Act, 1961, which has undergone over 4000 amendments since its inception. ISBN: 9789356037328. Feb 13, 2025 · The document provided is a comprehensive overview of the proposed Income Tax Bill 2025, including comparisons to the Income Tax Act, 1961. This will help ordinary citizens understand their tax obligations better. Feb 12, 2025 · The Income-tax Bill, 2025 reflects the Government’s commitment to enhancing ease of doing business by providing a tax framework that is simple and clear. Feb 12, 2025 · The New Income Tax Bill, 2025 set to take effect from April 1, 2026, represents a comprehensive overhaul of the existing tax framework. The bill aims to simplify the tax laws, ensuring they are more transparent, easier to interpret and taxpayer friendly. A new Income Tax Bill will be introduced in this week, which aims to replace the existing Income Tax Act of 1961. Preview PDF New Income Tax Bill 2025 Income Tax Bill 2025: Key Highlights & PDF Download. Key reforms focus on digital assets, remote work, and streamlined processes. Feb 13, 2025 · The introduction of the New Income Tax Bill has generated discussions among taxpayers, financial experts, and policymakers. Feb 5, 2025 · Income Tax Calculator for FY 2025-26; Income Tax Bill 2025: Top FAQs Answered for Taxpayers; Simplify Your Tax Calculations with comparison with Old and New Regime as per the Finance Bill 2025; Section 194F of Income Tax Act: Impact on Your Income Tax Return; An Overview of Real Estate (Regulation and Development) Act (RERA), 2016 5 days ago · Income-Tax Bill, 2025 - Clinical Analysis of Key Changes Proposed. 1. The New Income Tax Bill 2025 could set a precedent for future tax reforms. 7 %âãÏÓ 635 0 obj /Filter /FlateDecode /Length 341 >> stream xœ}RËnƒ0 ¼ó >¦‡ Ì+‰„ i$ }¨´ @ì%E*Æ2äÀß×ÞMh ©µd¬YïÌŽÙõËj_©nbþ› D k;% ŒÃÙ `G8uÊã1“ ˜. 02. Introduced in parliament on February 13, 2025, the bill aims to simplify tax provisions for both taxpayers and 6 days ago · The Income Tax Bill, 2025, modernizes and clarifies various tax provisions while largely retaining the structure of the Income Tax Act, 1961. 5 hours ago · In a major step towards tax reforms, Union Finance Minister Nirmala Sitharaman announced that the government has received more than 60,000 inputs from citizens for the upcoming Income Tax Bill, 2025. (1)” to “32. Introducing shorter sentences, tables, and new concepts like 'tax year,' the bill aims for clarity and will take effect from April 1, 2026. The Income-tax Bill, 2025, largely aligns with the existing provisions of the Income-tax Act, 1961. The debate on the new Income Tax Bill can be check here. As part of this reform, over 300 outdated provisions, including Section 80C, 80CCA, and 80CCF, have been removed to streamline deductions. 0 International License. " 6 days ago · The New Income-Tax Bill 2025 introduces a revised framework for tax provisions by mapping existing sections of the Income-Tax Act, 1961, to new corresponding sections. The Notes on clauses explain in detail the various provisions contained in the Bill. The bill intends to reduce the length of the existing legislation by half, aiming for clarity 6 days ago · Summary: The Income Tax Bill, 2025, set to replace the Income Tax Act, 1961, introduces a modernized tax framework with updated provisions reflecting current economic and technological trends. New Income Tax Bill PDF Download LINK 5 days ago · Lok Sabha introduced the Income-tax Bill 2025 to simplify the Income-tax Act, 1961. Key shifts include the Feb 5, 2025 · Accordingly, the Income-tax Bill, 2025 has been prepared which proposes to repeal and replace the Income-tax Act, 1961. It seeks to simplify the language used in tax laws. Definitions. 2. Based on 20,976 online suggestions and industry consultations, the bill removes redundancies, streamlines language, and replaces terms like 'assessment year' with Feb 5, 2025 · Comparison of New Income Tax 2025 and Old Income Tax 1961 Section of Income Tax Bill, 2025 corresponding Sections of Income Tax Act, 1961. The bill, once passed, will come into effect from April 1, 2026. Will these changes simplify taxation and benefit businesses in the digital economy? Here are the major provisions that have been revamped in the new Income Tax Bill, 2025: 6 days ago · Govt released Income-Tax Bill, 2025 (Download) Income Tax: The Indian government is set to introduce the new Income Tax Bill, 2025, in the Lok Sabha on February 13 6 days ago · Income Tax Calculator for FY 2025-26; Income Tax Bill 2025: Top FAQs Answered for Taxpayers; Simplify Your Tax Calculations with comparison with Old and New Regime as per the Finance Bill 2025; Section 194F of Income Tax Act: Impact on Your Income Tax Return; An Overview of Real Estate (Regulation and Development) Act (RERA), 2016 About the income tax bill. The existing law has 14 schedules which will increase to 16 in the new legislation. 6 days ago · No major tax policy changes and no modifications of tax rates have been made in the Income-tax Bill, 2025. The new income tax slabs for new tax regime introduce a progressive structure, starting with nil tax for incomes up to ₹4 lakh, followed by 5% for ₹4-8 lakh, 10% for ₹8-12 lakh, and 15% for ₹12-16 lakh. Minister of Finance and Corporate Affairs has released the draft version of New Income Tax bill 2025 on 12th February 2025 and the bill was introduced in Lok Sabha on 13th February 2025. The intent of the newly introduced ITB 2025 is to make the income tax law simple, straightforward, minimize litigation and remove redundant provisions in the existing Income-tax Act 1961 (ITA 1961). Download the Financial Express App for the latest finance news. 2025. The Bill streamlines provisions, reduces word count and sections, and replaces the assessment year with a tax year. Feb 12, 2025 · The New Income Tax Bill 2025 is a landmark reform aimed at replacing the existing Income Tax Act of 1961 with a modern, simplified, and transparent tax framework. At first glance, it aims to simplify the legislation by consolidating similar provisions, eliminating obsolete sections, and presenting some information in a tabular format. The bill focuses on simplifying tax provisions, improving digital compliance, and aligning India’s tax system with global standards. Direct Tax Proposals Introduction of a New Tax Bill. Charge of income-tax. These corrections include minor typographical adjustments, such as changing “32. New Income-Tax Bill 2025: Section Mapping & Updates 6 days ago · New Income Tax Bill 2025: The Bill seeks to replace 298 sections and 14 schedules in the existing Income Tax Act, 1961, with a 622-page new law enshrined in 536 sections, 23 chapters and 16 schedules. The Bill was introduced in the parliament on 13th 4 days ago · CHAPTER I PRELIMINARY. The new Income-Tax (I-T) Bill, announced by Finance Minister Nirmala Sitharaman during her Budget speech on February 1, is more concise and straightforward. (2) It extends to the whole of India. Also Read: New Income Tax Bill 2025: General FAQs and Broad Scope. Feb 13, 2025 · PRS Legislative Research is licensed under a Creative Commons Attribution 4. 1962. This reform alters tax liabilities for various categories of taxpayers, particularly Non-Resident Indians (NRIs), high-income earners, and foreign businesses. The purpose of this bill is to simplify the complex Income Tax Act of 1961. The Income Tax Bill, 2025 has been tabled in Lok Sabha by Smt. Definition of “tax year”. Feb 1, 2025 · A new Income Tax Bill, which seeks to simplify the current laws on the Income Tax, will be introduced in Parliament next week, Finance Minister Nirmala Sitharaman announced on Saturday, February 1 Feb 12, 2025 · The New Income Tax Bill, 2025 set to take effect from April 1, 2026, represents a comprehensive overhaul of the existing tax framework. (1) This Act may be called the Income-tax Act, 2025. to amend the south carolina code of laws by adding section 12-6-511 so as to eliminate the imposition of the income tax on individuals, estates, and trusts; by repealing section 12-6-510 relating to tax rates for individuals, estates, and trusts; by repealing section 12-6-515 relating to income tax brackets; by repealing section 12-6-520 relating to annual adjustments to income tax Feb 12, 2025 · The Income Tax Bill, 2025 comprises 536 sections, higher than 298 sections of the current Income-Tax Act, 1961. CG-DL-E-13022025-261003. This bill, if approved, will replace the existing Income Tax Act of 1961 and come into effect from April 2026. osj kgydw ggo otelk brdzpg tdcn vrelk fhb bzhzf roiqyv xree wkm fdpqvavj jqcdpi katq