tax year definition

Income Tax Bill 2025: I-T department launches self-mapping tool to compare old act, new bill

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Income Tax Bill 2025: I-T department launches self-mapping tool to compare old act, new bill

Income Tax Bill 2025 was introduced in a bid to simplify the tax filing process by reducing provisions and acts. Taxpayers can now compare the sections of the Income Tax Act, 1961 with the corresponding clauses in the simplified I-T Bill, 2025, on the Income Tax department portal. The Income Tax Department has made available … Read more

Income Tax Bill 2025: Will your salary, income earned from April 2025 be taxed as per the Income Tax Act 1961 or new bill?

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Income Tax Bill 2025: Will your salary, income earned from April 2025 be taxed as per the Income Tax Act 1961 or new bill?

Income Tax Bill 2025: The recently introduced Income Tax Bill 2025 contains several modifications to the taxation process and calculation of taxable income. A significant alteration in the updated tax system is the introduction of the concept of a tax year, which is defined in Clause 3 as a twelve-month period starting on the 1st … Read more