Income Tax Bill 2025 Proposes Replacing ‘Previous Year’ with ‘Tax Year’

The Income Tax Bill 2025 proposes replacing the "previous year" with the "tax year." This change aims to align the income tax assessment period with the financial year. It simplifies tax compliance and reduces confusion for taxpayers. This proposed amendment is a significant shift in the income tax framework. It reflects the government's efforts to modernize and streamline the tax system. The change will have implications for tax filing and assessment procedures.