SMC Global Securities Limited

4️⃣No More Provisos & Explanations 🛑The old Act had 1,200+ Provisos & 550+ Explanations. 🆕In the new Bill, everything is structured as: ✅Sub-sections ✅Clauses ✅Sub-clauses 📌Example: Instead of scattered definitions, Section 2 now neatly lists 112 important terms in one… https://t.co/XditypZ56x

🔟Why This Matters? This isn’t just a law change—it’s a usability upgrade. What’s improved? ✅ Shorter, clearer, & more structured ✅ No redundant provisions ✅ Logical tax categorization ✅ Fewer disputes, better compliance https://t.co/5exhAJdJlR

📅 If passed, the new Act will come into effect from April 1, 2026. Love this breakdown? 🔄 Retweet & bookmark this thread! What’s your biggest takeaway from this tax overhaul? Drop your thoughts below! 👇💬

8️⃣Clubbing, Set-Off & Taxation Simplified 📌 Key Clauses: 💰 Income types: Clauses 15, 20, 26, 67, 92 👨‍👩‍👦 Clubbing: Clauses 96-100 📉 Set-off & carry-forward of losses: 🔹 Section 70 → Clause 108 🔹 Section 71 → Clause 109 🧾 Deductions: Clauses 122-154 🏢 NRI & foreign… https://t.co/OdubUKotef

6️⃣Big Structural Adjustments 📌 Key improvements: 🔹 Charitable trusts (20+ amendments over the years) now have a dedicated Chapter XVII-R 🔹 NPO taxation consolidated into one structured chapter ✅ Fewer amendments = Fewer disputes https://t.co/Bqi81DkExO

7️⃣More Schedules = More Clarity 📊 The new bill has 16 schedules (vs 11 in the old Act), clearly outlining: 🔹 Exempt incomes (6 schedules) 🔹 Political party & electoral trust exemptions 🔹 Investment conditions for funds & fund managers 🔹 Deductions under Clause 123… https://t.co/r2BlzZ72S1

9️⃣ Key Section-to-Clause Mapping You Need to Know! 📌 Deductions 🔹 Section 80C (Investments in PPF, NSC, etc.) → Clause 123 🔹 Section 80D (Medical insurance) → Clause 126 🔹 Section 80E (Education loan interest) → Clause 129 🔹 Section 80G (Charity donations) → Clause 133… https://t.co/FT9qvZNmWl

1️⃣Why a new Income Tax Bill? 📅In her July 23, 2024 Budget Speech, FM Nirmala Sitharaman announced a review of the 1961 Income Tax Act. 💡The goal? Simplification, clarity, and fewer legal disputes. 📜The new Income Tax Bill 2025 was tabled in Parliament on Feb 13, 2025, and,… https://t.co/zu17QHvnP5

🔹 50% reduction in words (from 5 lakh to 2.56 lakh) 🔹 300+ redundant provisions removed 🔹 All Provisos & Explanations eliminated 🔹 More schedules for clarity 🔹It has now replaced the term ‘previous year’ from the 60-year-old Income Tax Act, 1961, with ‘tax year’ and done… https://t.co/1pGfD4ensw