*Income Tax Bill 2025- Key_Changes:* 10 Major Changes You MUST know: 1. *No More AY & PY Confusion* : Say hello to "Tax Year" instead of the complicated Assessment Year & Previous Year system. 2. *Higher Limits for Businesses & Professionals*: - 44AD (Business): From 2 Cr to Rs. 3 Crores - 44ADA (Professionals): ₹50 Lakh to ₹75 Lakh 3. *Housing Loan & Rental Income Updates*: - Interest on Housing Loan - Can only be set off against rental incoms - Self-Occupled Property - No deduction for housing loan interest - Rental Loss - Can be set off against other rental income but not carried forwarded. 4. *Exemptions & Allowances Tweaked*: - HRA (House Rent Allowance)- No exemption allowed. - Travel & Daily Allowance- Still allowed for official tours/trips - Standard Deduction - ₹75,000 - Employer Contributions (Deduction Eligibility): - NPS - Upto 14% of basic salary - EPF - Upto 12% of basic salary 5. *Tax filing Due Dates Extended*: - Tax Audit Fling: From sept 30 to Oct 31 - ITR Filing: From Oct 31 to Nov 30 6. *No Change in Capital Gains Tax*: LTCG & STCG rates remain unchanged! 7. *Digital Push for MSMEs*: Businesses with up to ₹10 Cr turnover via digital transactions get audit relief. 8. *CA Exclusive Audit Rights*: Only Chartered Accountants can conduct tax audits - CS & CMAs excluded. 9. *More Sections, Less Complexity* : The new law has 536 sections, 23 chapters & 16 schedules - structured for better clarity. 10. *Fewer Pages, More Clarity*: From 823 pages (old Act) "+ 622 pages (new Bill)- shorter & simpler. Stay tuned for updates.