The concept of Previous Year and Assessment Year, thus, were creating confusion in the minds of taxpayers as they represented two different years.

The Income Tax Bill 2025 has several aspects to be considered by the Non-Resident Indians as Clauses replace Sections.

The essence of the Bill remains the same and the existing tax base, tax rates, computation mechanism etc. have been largely unchanged.

The new income tax law will replace the existing Income Tax Act of 1961. The tax Bill is being brought to make the tax process simple and clear.

Old Vs New Tax Regime: For individuals earning Rs 15 lakh annually, opting for the old tax regime can result in tax savings of up to Rs 48,100, provided they maximize deductions like HRA, 80C, 80D, and home loan benefits.

Among the most significant announcements was the introduction of a New Income Tax Bill, set to be tabled this week

The revised tax structure also introduces a 25% tax slab for incomes between Rs 20 lakh and Rs 24 lakh.

The new structure will significantly enhance the accessibility of the middle class by leaving them with more disposable income.

The standard deduction on salary streamlines tax filing for salaried individuals by reducing taxable income by a set amount, minimizing the overall tax burden.