New income tax bill is to be tabled in is scheduled to be in parliament 13/02/2025.
– 622 pages
– No change in tax incidence
– Simpler terminology
– Tighter norms for Virtual Digital Assets
The new Income Tax Bill brings significant changes to the taxation system, aiming to
make it fairer, more transparent, and easier for taxpayers and businesses to navigate.
Key Changes in the Bill
- Revised Tax Slabs from Budget 2025: The tax brackets may be adjusted, with
potential cuts for lower-income groups and increases for higher-income earners,
ensuring a more equitable tax structure. - Simplified Tax Filing: The Bill focuses on reducing paperwork, making tax filing
simpler and more digital-friendly, especially for small businesses and
freelancers. - Corporate Tax Cuts from Budget 2025: There may be tax incentives for
businesses, especially startups, to encourage innovation and growth through
lower corporate tax rates and special deductions. - Gig Economy and Digital Taxes: New rules for taxing gig workers and digital
assets like cryptocurrencies are likely to be introduced to ensure everyone
contributes fairly. - Green Tax Incentives: The Bill might include tax breaks for eco-friendly
investments, promoting sustainability through rebates for renewable energy and
electric vehicles.
Impact on Taxpayers and Businesses
> For individuals: Expect changes to tax rates, with potential benefits for lower
income earners.
> For businesses: Companies may enjoy tax breaks and deductions, but
compliance requirements could increase.
The New Income Tax Bill aims to create a more modern, transparent, and efficient tax
system, benefiting both taxpayers and the economy. Stay informed about the changes
to make the most of any new benefits