Income Tax Bill 2025: Will the middle class get relief or will the difficulties increase? Know what will be the impact of Income Tax Bill 2025 on your pocket.
The new Income Tax Bill 2025 has been passed in the Lok Sabha. If this bill is passed in the Rajya Sabha as well, then it can come out as a law. If this happens, then what will be its effect on our pocket, let us tell you.
The new Income Tax Bill has been passed in the Lok Sabha today. This new bill is going to change the old laws of the Income Tax Act 1961. It is going to simplify the tax process for the common people. This will provide relief to those who file income tax returns. If this bill is passed in the Rajya Sabha as well, then it can come out as a law. What has this bill brought for the common man, will it give us relief or will our difficulty increase, what will be its effect on our pocket, let us explain to you in simple words.
What is special in the new bill will it pass on expectations?
- The New Income Tax Bill 2025 has been brought by the government. There are many things in this bill, which can give relief to the common man.
- This bill will be divided into several sections and schedules and its language will be simplified so that people can understand it easily.
- Earlier people also had doubts whether the tax exemption of up to Rs 12 lakh will be abolished in the new bill. But, now this claim will be completely rejected by the government.
- Salaried people will not have to pay any tax up to an annual income of Rs 12 lakh. Along with this, there will be exemption like government employees on withdrawing money in private pension scheme.
- Earlier there was a tax on estimated rent in vacant houses. But, now it has been removed. That is, now if a building is temporarily vacant, then the landlord will not have to pay any tax on it.
- Many such slabs and rates have been changed in the new bill, which can benefit the taxpayers. This will reduce the taxes of the common man.
- After the arrival of this bill, those who file returns late can also avail the facility of tax refund. Even if you have filed ITR after the deadline, you will not face any problem in getting refund.
- In the new bill, the government has also made some changes in the tax levied on income from house property.
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