Income Tax Act, 2025

The Income Tax Act 2025 introduces a series of updated provisions and amendments aimed at streamlining taxation processes for individuals, businesses, and organizations in India. This category covers key changes and new regulations under the Act, including tax rates, exemptions, deductions, compliance requirements, and procedural updates. It is designed to guide taxpayers, chartered accountants, and legal professionals through the latest tax laws, ensuring accurate filing, improved transparency, and enhanced ease of doing business. Explore detailed insights on the income tax landscape for 2025, including provisions for both direct and indirect taxation, digital taxation trends, and government initiatives for economic growth.

Section 62 of Income Tax Act, 2025 : Maintenance of books of account.

.(1) (a) Any person carrying on specified profession; or(b) any person carrying on, business; or any profession [not being a profession referred to in clause (a)] and satisfying the conditions referred to in sub-section (2); or(c) any other person carrying on profession notified by the Board in this behalf, shall keep and maintain such books […]

Section 63 of Income Tax Act, 2025 : Tax audit.

(1) Every person, carrying on the business or profession fulfilling the conditions specified in column B of the Table below, shall get his accounts of the tax year audited by an accountant, before the specified date. Sl. No. Conditions for getting books of account audited A B 1 Where the total sales, turnover or gross

Section 66 of Income Tax Act, 2025 : Interpretation.

In sections 26 to 66,—(1) “agreement”, for the purposes of section 26(2)(h), includes any arrangement or understanding or action in concert,—(A) whether or not such arrangement, understanding or action is formal or in writing; or(B) whether or not such arrangement, understanding or action is intended to be enforceable by legal proceedings;(2) “banking company” means a

Section 67 of Income Tax Act, 2025 : Capital gains

(1) Any profits or gains arising from the transfer of a capital asset effected in a tax year shall, save as otherwise provided in sections 82, 83, 84, 86, 87, 88 and 89, be chargeable to income-tax under the head “Capital gains” and shall be deemed to be the income of the tax year in

Section 70 of Income Tax Act, 2025 : Transactions not regarded as transfer.

(1) The provisions of section 67 shall not apply to transfer—(a) of distribution of capital assets on the total or partial partition of a Hindu undivided family;(b) of a capital asset by an individual or a Hindu undivided family, under a will or a gift or an irrevocable trust;(c) of a capital asset, not being

Section 71 of Income Tax Act, 2025 : Withdrawal of exemption in certain cases

(1) The profits or gains arising from the transfer of capital asset not charged under section 67 by virtue of section 70(1)(c) and (d) shall, irrespective of anything contained in the said clauses, be deemed to be income chargeable under the head “Capital gains” of the tax year in which such transfer took place, if

Section 72 of Income Tax Act, 2025 : Mode of computation of capital gains.

(1) Income chargeable under the head “Capital gains” shall be computed, by deducting from the full value of the consideration received or accruing as a result of the transfer of the capital asset, the following amounts:—(a) expenditure incurred wholly and exclusively in connection with such transfer; and(b) the cost of acquisition of the asset and