Income-Tax Bill 2025: File tax return by due date to be eligible for refund

Deductions related to salary, including standard deduction and leave encashment, are now grouped under a single clause

The government has introduced a new Income-Tax (I-T) Bill in Parliament, to replace the I-T Act, 1961. While this is largely a positive development for individual taxpayers, they need to be watchful on a few counts.

 

Better organised, simplified 

For salaried taxpayers, navigating the I-T Bill (or Act, once passed) will be simpler. “All provisions pertaining to salary have been consolidated under clauses 15 to 19. Taxpayers do not have to refer to separate chapters for filing their return of income,” says Vivek Jalan, partner, Tax Connect Advisory Services LLP.

 

Deductions related to salary, including standard deduction and leave encashment,