🚨 *Key Changes Under the New Income Tax Bill 2025* 1. *No Refunds for Late ITR Filing*: If you file your ITR after the due date (December 31), you may not be eligible for a refund. 2. *Clause 263(1)(a)(ix):* This provision makes it mandatory to file ITR on time to claim any tax refunds. 3. *Impact:* Under the current law (Income Tax Act, 1961), taxpayers could still claim refunds for late returns until December 31. The new rule changes this. 4. *Effective Date:* The new bill is set to be implemented from FY2026-27. 5. *Expert Concerns:* Many experts believe this could create issues for those who miss deadlines due to genuine reasons, especially those with excess TDS deductions. Stay updated, and make sure to file your returns on time! 💡