If everything goes well, the Income Tax Bill, 2025 will be introduced in the House next week. Union Finance Minister Nirmala Sitharaman may introduce the much-awaited Income Tax Bill, 2025 in Parliament on August 11. This bill will replace the six-decade-old Income Tax Act, 1961.

The bill was introduced in February

Let us tell you that the new Income Tax Bill 2025 was introduced in Parliament on February 13. Later it was sent to the committee which submitted its report on July 21. The Select Committee has given many important suggestions while presenting its report in the Lok Sabha.

What are the important tips

– The Committee recommended that taxpayers be allowed to claim TDS refund even after the last date of filing ITR without paying any penalty. Regarding the withdrawal of TDS refund claims of persons who are not normally required to file tax returns, the Committee recommended that the provision in the Income Tax Bill, which makes it mandatory for a taxpayer to file income tax return within the due date, should be deleted.

-Anonymous donations given to religious and charitable trusts should be kept free from taxation.

-The Committee appreciated the move by the tax department to replace the dual concepts of ‘previous year’ and ‘assessment year’ with a single term ‘tax year’ in the new tax law.

– The committee has said that the profession of company secretary should not be included in the definition of ‘accountant’. The main reason for this decision is that the draft of Income Tax Bill 2025 has been prepared with the aim of simplifying the provisions of the Income Tax Act 1961.

However, the Income Tax Department has also clarified that there is no proposal to change any tax rate in the new Income Tax Bill. The Income Tax Department said- It is clarified that the purpose of the Income Tax Bill, 2025 is to simplify the language and remove unnecessary or obsolete provisions.

The post Taxpayers Alert! New Income Tax Bill May Be Presented on August 11– Key Highlights Expected first appeared on Rightsofemployees.com.

Yes, an order has been given by Union Finance Minister Nirmala Sitharaman to simplify the banking system. It was said on behalf of the Finance Minister that banks should make banking operations simple according to the needs of the customers.

With this, more and more customers will be able to connect with them. The Finance Minister suggested in the meeting The Union Finance Minister said last days that banks should pay attention to the facilities of the customers. This will make the process easier for the borrowers.

On behalf of the Finance Minister, it was also told to the banks that the standards of giving loans should be correct. This suggestion was made a few days ago in a meeting between industry representatives and the Finance Minister.

During this, Nirmala Sitharaman asked all the big banks to implement it. Following this suggestion given by the Finance Minister will benefit the customers of all banks including ICICI Bank, SBI and HDFC Bank. The Finance Minister also said that there is a need to make the banking system more and more customer friendly. You have to take care of the facilities of the customers.

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