Why in News?

• Parliament passed the Income Tax Bill, 2025, replacing the Income Tax Act, 1961. 

Key Provisions 

• Tax Year: Unified tax year from 1st April to 31st March, replacing ‘assessment year’ and ‘previous year’. 
• Access to Electronic Data: Requires anyone with electronic data to assist tax officers and share passwords, including for social media or email if needed. Officers can override access codes if passwords aren’t given. 
• Nil TDS Certificate: Can be sought in advance by those with zero liability. 
• AMT (Alternate Minimum Tax) for LLPs aligned with current provisions of the IT Act. 
• No TCS will apbe applicable to Liberalised Remittance Scheme (LRS) remittances for educationalucation purposes financed by financial institutions.