Designed as a non-par, non-linked savings and immediate annuity plan, it allows entry from 18 to 100 years, depending on the chosen annuity option.

The concept of Previous Year and Assessment Year, thus, were creating confusion in the minds of taxpayers as they represented two different years.

The Income Tax Bill 2025 has several aspects to be considered by the Non-Resident Indians as Clauses replace Sections.

The essence of the Bill remains the same and the existing tax base, tax rates, computation mechanism etc. have been largely unchanged.

The Income Tax Bill, 2025 defines 'online game' as any game offered on the internet and accessible through a computer or telecom device.

As per the new tax bill, 'undisclosed income' includes 'money, bullion, jewellery, virtual digital asset or other valuable article' or expenditure, income based on any entry or transaction, where such entry wholly or partly represents income which has not been disclosed.

The new income tax law will replace the existing Income Tax Act of 1961. The tax Bill is being brought to make the tax process simple and clear.

Old Vs New Tax Regime: For individuals earning Rs 15 lakh annually, opting for the old tax regime can result in tax savings of up to Rs 48,100, provided they maximize deductions like HRA, 80C, 80D, and home loan benefits.

Among the most significant announcements was the introduction of a New Income Tax Bill, set to be tabled this week