The new income tax activity is to be introduced from the world this week and is ready to make significant changes in the tax framework of India.
One of the main updates is to replace the term “Valuation Year” with the “Tax Year” with “Tax Year” with “Tax Year” with “Tax Year”, the taxpayer's understanding.
According to the Bill, the “Tax Year” is defined for the 12 month financial year. For the newly established businesses or new businesses, ends from the date of designed to the tax year or after the revenue generated.
This change is clear for individuals and businesses.
The proposed laws that extend over 622 pages is trying to replace the 1961 Old Income Tax Act. Once it is done, it is expected to be replaced by 2025, six decades of income tax act, which is expected to be operated from 2025, 2025 from April 1, 2026. Upgrading India's Tax Scheme, this bill raised contemporary economic realities.
The Bill Announced that Minister Nimla Sirahaman introduces the bill in the July 19th section last year. This step is considered an important step in India's tax infrastructure, and ensures more transparency and understanding of taxpayers across the country, ensuring more transparency and convenience.
With these changes, the government aims to reduce the complexity and create a more efficient tax regime and create a more efficient tax regime and create a more efficient tax regime.