According to the new version of the Income Tax Bill, 2025, refund will be available even if Income Tax Return (ITR) is filed late

The new version of the Income Tax Bill, 2025 was passed in the Lok Sabha on August 11. The new version includes two such provisions, which will greatly benefit taxpayers. In fact, after studying the first version of the bill, the Parliamentary Committee had advised the government to make 285 amendments in it. It is said that keeping in mind the interest of taxpayers, the government has accepted most of the recommendations.

New income tax rules will be implemented from April 1 next year

The 31-member parliamentary committee headed by BJP MP Baijayant Panda submitted its recommendations to the government on July 21. After this, the government introduced the new version of the Income Tax Bill, 2025 after amendment in the Lok Sabha on August 11. The new Income Tax Act is going to come into force from April 1, 2026.

Refund even if ITR is filed after the last date

According to the new version of the Income Tax Bill, 2025 , refund will be available even if Income Tax Return (ITR) is filed late. This means that even if a taxpayer files a return after the last date, he will get a refund. The first version of the Income Tax Bill, 2025 had a provision of not giving refund for filing returns late. Tax experts had objected to this. The government has amended this rule in the new version. This is a big change in the interest of taxpayers.

Amendment in rules in the new version of Income Tax Bill

We can understand this with an example. Suppose the last date for filing income tax return is 31st July (15th September this year). Even after this, filing of income tax return is allowed. This is called belated return. Penalty and interest on tax have to be paid for filing belated return. In the earlier version, there was a provision that taxpayers who filed return after the last date will not get refund.

The parliamentary committee had advised the government

The parliamentary committee headed by Baijayant Panda had recommended the government to delete sub-clause (1)(IX) of clause 263. Mayank Mohanka, founder and director, TaxAaram.com, said, “The government has accepted the parliamentary committee’s advice. This means that now the processing of refund is no longer linked to the filing of returns by the due date. Even belated and revised returns will entitle a taxpayer to a refund.”

There has also been a change in the rules for calculating standard deduction

Another important change is related to the calculation of standard deduction on house property. The parliamentary committee had advised to calculate the standard deduction after deducting the municipal tax. The government has accepted this advice. Now the standard deduction will be calculated after deducting the municipal tax from the property value. This can be understood with the help of an example.

Calculation will be done after deducting municipal tax

Suppose the value of a property is Rs 100 and Rs 5 municipal tax has been paid on it. In such a case, the calculation of standard deduction of 30 percent will not be done on Rs 100 but on Rs 95. This means that the standard deduction will be calculated after deducting the municipal tax from the property value. Mohanka said that with this change made in the new version, there will be no possibility of dispute regarding the calculation of standard deduction later.

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What does the Master Circular say- This circular has been issued by RBI on 1 April 2025, in which UCBs i.e. (Urban) Co-operative Banks) have been told how to give bank guarantee and do co-acceptance (take guarantee of bills), and issue Letter of Credit (LC).

In simple words, if you want to take a guarantee or LC i.e. Letter of Credit for business from any UCB i.e. (Urban) Co-operative Banks (UCBs), then the bank will thoroughly check your financial condition and requirement. Only those with reliable and old customer profile will get these facilities. If you have got a bank guarantee, and there is any problem in your transaction, then it will be the responsibility of the bank to make the payment on time.

Let us understand it like this- Bank Guarantee:- Give only financial guarantee, not performance guarantee (can be given in some cases but with caution).

There should not be a guarantee for a period of more than 10 years. The total guarantee should not be more than 10% of the bank’s own funds.

Secured guarantee should be given priority, i.e. cash or government backing. Unsecured guarantee should be given in limited amount and very thoughtfully.

Co-acceptance (giving guarantee of bills):- Open only for those customers who already have a credit limit. Avoid fake bills (accommodation bills). There should be real business behind the bill and the customer should actually receive it.

Letters of Credit (LC):- Open only for those customers who are already regular customers of the bank. Issue only in the required amount and with security. Responsibility of immediate payment on LCs will have to be fulfilled, otherwise the bank’s credibility will be affected.

Other important things:- Keep internal checks and monitoring systems strong so that the bank’s risks do not increase due to these facilities. If any LC or guarantee is issued fraudulently and the bank suffers loss, then take action against the concerned officers.

While we are at it, let me tell you about Letters of Credit (LC)…

Letters of Credit (LC) i.e. loan letter, is a banking document used in international trade and sometimes domestic trade, which acts as a kind of bank guarantee. Letter of Credit (LC) is a promise issued by a bank that it will pay a certain amount of money on behalf of its customer (Buyer/Importer), provided the seller (Seller/Exporter) presents certain specified documents.

In simple words – LC is a promise given by the bank that “if my customer fulfills the agreed conditions, I will pay your money on time. Suppose an Indian company is ordering machinery from China. The Chinese company is not able to trust the Indian company whether it will make the payment or not. In such a case:- The Indian company gets a Letter of Credit issued from its bank. The bank promises that if the Chinese company fulfills the conditions of sending the goods and providing the documents, the bank will make the payment. This gives confidence to the Chinese company and it sends the goods. After receiving the documents, the bank makes the payment.

What documents are required under LC?

• Bill of Lading (B/L)
• Invoice
• Packing List
• Insurance Documents
• Origin Certificate
• Custom Clearance etc.

Why is LC necessary?

It guarantees trust. Makes trade possible without advance payment. Reduces risk – especially in international trade In.

What is its relation with loan?If you have opened LC for business, then it can be considered as a type of indirect loan. The bank is taking the risk for you, and for this it can also ask for margin money, charges, and collateral. If you do not make the payment as per the LC, then the bank will recover it from you.

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The new financial year 2025-26 will start tomorrow i.e. from April 1. With the start of the new year, many rules related to mutual funds, credit cards, UPI transactions, income tax and GST will change. These will affect investors, taxpayers and the common people. Therefore, if you are involved in mutual funds, credit cards, UPI transactions or income tax, then it is very important for you to know about these changes in the rules.

The Securities and Exchange Board of India (SEBI) has made changes to certain rules related to investment in mutual funds, which will come into effect from April 1, 2025. Funds raised under new fund offers (NFOs) will now have to be invested within 30 business days. If an asset management company (AMC) is unable to invest within this period, it can get a further extension of 30 days with the approval of the investment committee. If the investment is not made within 60 days, the AMC will be barred from taking fresh investments and investors will be allowed to exit without any penalty.

SEBI has introduced a new category called Specialized Investment Funds (SIFs), which will be a cross between mutual funds and portfolio management services (PMS). A minimum investment of ₹ 10 lakh will be required to invest in it. Only those AMCs whose average assets under management (AUM) has been more than ₹ 10,000 crore in the last three years can launch it.

DigiLocker Facility

From April 1, investors will be able to store and access their demat and mutual fund holding statements digitally in DigiLocker. This will reduce the problem of unclaimed assets and make it easier for the nominee to access the assets.

New tax slabs

The new tax slabs will be applicable from April 1. Under the new tax structure, the government has increased the tax-free income limit from ₹ 7 lakh to ₹ 12 lakh, which will be a big benefit to middle-class taxpayers. The new tax slabs in the new tax system will be as follows:

• Income up to ₹4 lakh – No tax
• ₹4 lakh to ₹8 lakh – 5% tax
• ₹8 lakh to ₹12 lakh – 10% tax
• ₹12 lakh to ₹16 lakh – 15% tax
• ₹16 lakh to ₹20 lakh – 20% tax
• ₹20 lakh to ₹24 lakh – 25% tax
• Income above ₹24 lakh – 30% tax

New GST and e-invoicing rules

From April 1, 2025, businesses with an annual turnover of ₹10 crore or more will be required to upload e-invoices on the invoice registration portal within 30 days. Earlier, this rule was applicable only to businesses with a turnover of more than ₹100 crore.

Unified Pension Scheme to be implemented

Unified Pension Scheme (UPS) will be implemented under the National Pension System (NPS) from April 1, 2025. This scheme will guarantee a fixed pension to central employees. Employees whose service is at least 25 years will get 50% of the average basic pay of the last 12 months as pension.

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Who pays advance tax?

All salaried employees whose income, other than salary, comes from rent, capital gains or interest income.

People involved in business and self-employment also have to pay advance tax.

Senior citizens above 60 years of age, whose income is not from business or profession, are exempted from advance tax.

Salaried employees whose total tax liability is deducted through TDS (Tax Deducted at Source) are not required to pay advance tax.

When is advance tax to be paid?

June 15 – 15% of total tax liability

September 15 – 45% of total tax liability (including first instalment)

December 15 – 75% of total tax liability (including first and second instalment)

March 15 – 100% of total tax liability

How to make payment?

E-payment is mandatory for corporate taxpayers and those taxpayers whose accounts are required to be audited under section 44AB.

Other taxpayers can also make payments online, which will save time and simplify the process.

Penalty for not paying advance tax

If a taxpayer fails to pay the advance tax on time, he or she will have to pay interest under sections 234B and 234C of the Income Tax Act.

Under 234C, if someone does not pay the tax on time, 1% monthly interest will be charged on the outstanding amount.

Under 234B, if 90% of the total tax is not deposited by March 15, interest will be charged on the outstanding amount at the rate of 1% per month till the entire tax is paid.

What to do?

If you have not yet paid advance tax, make your payment before the March 15 deadline to avoid interest and penalty.

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Banks will remove many mobile numbers

The National Payments Corporation of India has directed banks to delete mobile numbers that have been issued to someone else or have been closed from April 1, 2025. So that UPI transactions can be made more secure and wrong transactions can be prevented.

System updates will be mandatory from now on

To prevent fraudulent UPI transactions, NPCI has asked banks and UPI payment service providers to update their systems at regular intervals. This decision was taken in the NPCI meeting held on 16 July 2024, which will now be effective from 1 April 2025.

An updated list of mobile numbers will be generated every week by banks and UPI payment service providers to prevent failed or incorrect transactions.

Users will have to pay attention.

Mobile numbers will be updated only after the consent of the users. This option to give consent will be available only through the UPI app. If consent is not given by the user and the mobile number is not updated, then no UPI transactions will be possible through that mobile number.

Banks and UPI apps will have to follow these rules

From April 1, 2025, banks and UPI apps will have to submit reports to NPCI every month. In which information will have to be given about the number of UPI IDs linked to mobile numbers, number of active users, number of UPI based transactions.

UPI transactions will be more secure

These changes are being made to make the UPI facility more secure for customers. If you want to continue using UPI apps linked to your mobile number with ease, keep them updated.

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There will be changes especially in the rules related to LPG, banking, UPI, car prices and air travel. Let us know which new rules will be implemented from February 1 and how they will affect you.

1. Change in LPG gas cylinder prices

LPG gas cylinder prices are revised on the first of every month. Oil companies release new prices that apply to both domestic and commercial cylinders.

➤ In January, the price of 19 kg commercial cylinder was reduced.
➤ Now it remains to be seen whether the price of domestic cylinder will decrease or increase on February 1.
➤ If the price increases, the burden on your pocket will increase and if it decreases, you will get relief.

2. New rules related to UPI transactions

National Payments Corporation of India (NPCI) has decided to implement new rules related to UPI transactions.

➤ From February 1, 2025, transaction IDs containing special characters will not be accepted.
➤ Now only alpha-numeric (letters and numbers) transaction IDs will be valid.
➤ The transaction will fail if the wrong ID is entered.
➤ This change has been made to make UPI payments secure and systematic.

3. Maruti Suzuki cars will become expensive

The country’s largest car manufacturer Maruti Suzuki has announced an increase in the prices of some of its models.

: Car prices will increase by up to Rs 32,500 from February 1, 2025.
: Models whose prices will increase include:

➤ Alto K10, S-Presso, Celerio, Wagon R, Swift, Dzire, Brezza, Ertiga, Ignis, Baleno, Ciaz, XL6, Francox, Invicto, Jimny and Grand Vitara.
➤ If you are thinking of buying a new car, then you may have to spend more money.

4. There will be changes in banking rules

Kotak Mahindra Bank has announced changes to some of its services and charges which will be effective from February 1, 2025.

➤ The free limit of ATM transactions can be reduced.
➤ The charges for banking services may increase.
➤ Bank customers will have to avail services as per the new fee structure.
➤ If you are a Kotak Bank customer, you may have to pay additional charges.

5. Air travel may become expensive – change in ATF prices

Air Turbine Fuel (ATF) prices are revised on the first of every month.

➤ Air travel can become expensive if the price of ATF or aviation fuel increases.
➤ If oil companies increase prices, then the price of flight tickets can also increase.
➤ This will affect the passengers traveling by air in the country and abroad.

Impact of new changes on common man

➤ LPG prices increased – So gas cylinder will be expensive which may increase kitchen expenses.
➤ New rule in UPI transaction – Those making digital payments will have to ensure that their transaction ID is correct.
➤ Maruti cars expensive – If you are planning to buy a new car, then you will have to spend more money.
➤ Hike in banking charges – Kotak Mahindra Bank customers may have to pay more charges.
➤ ATF price increased – So flight tickets will be expensive which may increase the travel budget.

At the same time, these changes which will come into effect from February 1, 2025 will have a direct impact on the pocket of the common man. Some things may become expensive while the rules of some services may change. In such a situation, if you are associated with gas cylinder, car, banking services or air travel, then you must be aware of these changes. Now it remains to be seen whether the general public will get relief in the budget or inflation will increase!

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