The Finance Minister, Smt. Nirmala Sitharaman introduced the Income-tax Bill 2025 (ITB) in Parliament on February 13, 2025, bringing significant changes. This article highlights the top 50+ key changes in ITB, including:

► Modifications in Terminology

► Taxation of NPOS

► Business Income Deductions

► Capital Gains

► Procedural Reforms in Assessments, Reassessments, and Tax Compliance

Major Key updates include:

► Replacement of the term “previous year” with “tax year”

► A new taxation framework for Non-Profit Organizations (NPOs)

► Exclusion of GST from the cost of assets for input tax credit claimants

► Revised reassessment provisions with extended limitation periods

► Expanded scope of search, seizure, and survey powers

► New regulations on tax deductions, appeals, and penalties

► Introduction of digital assets into tax liability and compliance

~Navneet Shukla