New Income Tax Bill 2025 Live Updates: FM Nirmala Sitharaman tables New Income Tax Bill in Lok Sabha; all eyes on key clauses for taxpayers

 New Income Tax Bill 2025 Live: Tonnage Tax Law to Ship In Big Gains for Domestic Firms

Shipping firms in India are poised to benefit from the broadened tonnage tax scheme outlined in the new Income Tax Bill, 2025. The modifications have been incorporated under special provisions concerning shipping companies' income.

According to industry specialists, the legislation, upon approval, would enhance liquidity and sustainability of both inland and coastal shipping ventures.
"The bill proposes a major change in Indian tonnage tax law. Inland vessels that were earlier kept out of the ambit of tonnage tax scheme will now get the benefits," Rakesh Singh, secretary ICC Shipping Association, told ET.

Under the bill, tonnage tax operations shall be treated as an independent business, separate from other company activities. Companies selecting the tonnage tax scheme will have a mandatory 10-year commitment period, during which they receive corporate tax exemption.

The legislation seeks to include Indian inland vessels registered under the Inland Vessels Act 2021 within the tonnage tax framework. Previously, this system was limited to Indian ships registered under the Merchant Shipping Act, 1958.

"This amendment to the bill is aimed at promoting inland waterways as a mode of transportation by giving the option of tonnage tax to the existing and new Indian shipping companies," Singh said.

New Income Tax Bill 2025 Live: After GST…now direct tax overhaul

Bharatiya Janata Party (BJP) Lok Sabha MP Tejasvi Surya endorsed the new Income Tax Bill on Thursday, indicating that the new legislation would simplify matters for taxpayers across India.

In his conversation with ANI, the South Bengaluru BJP MP highlighted that the country's Direct Taxation System would undergo comprehensive changes to enhance its efficiency, simplicity and user-friendliness.

"For almost 60 years, India's Income Tax Act was not reviewed. Like many other areas where PM Narendra Modi's government has brought tremendous reforms, India's Direct Taxation System will also be overhauled to make it modern, simple, rational, and more compliance-friendly," Surya said.

He drew parallels with the GST implementation, stating, "We did the same for India's indirect taxation system through GST... From the perspective of the common man, it has brought down the prices of goods and services, which was not the case under the earlier VAT regime. The new Income Tax Bill is going to make the lives of India's taxpayers much easier."

New Income Tax Bill 2025 Live: Key Highlights

* The Income Tax Bill, 2025, features simplified language, eliminates unnecessary provisions and uses concise sentences;
* No additional taxes introduced in the Bill; it consolidates existing tax provisions from the Income Tax Act, 1961;
* Contains 536 sections, 23 chapters and 16 schedules within 622 pages, compared to the 1961 Act's 298 sections, 23 chapters and 14 schedules;
* Implementation scheduled for April 1, 2026; regulations to be established after Act notification;
* Incorporates both traditional and contemporary tax frameworks for individuals, HUFs and other entities;
* Introduces 'Tax year' concept, eliminates complex terms like 'Previous year' and 'Assessment year';
* Replaces 'notwithstanding' with 'irrespective' for clarity;
* Utilises tables and formulae instead of 'explanations or provisos';
* Incorporates Taxpayer's Charter detailing rights and responsibilities;
* Includes specific provisions for calculating capital gains on market-linked debentures;
* Relocates income exclusions to Schedules for improved clarity;
* Consolidates salary deductions including standard deduction, gratuity, leave encashment in a single section, rather than dispersing across multiple sections/rules.

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