Summary: Income Tax Bill 2025 was introduced in Parliament on February 13, 2025, as announced by Finance Minister Smt.
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Those earning between Rs 12 lakh and Rs 24 lakh (or Rs 24.75 lakh for salaried individuals) will pay 25-31% less tax.
If TCS remains unpaid beyond this prescribed deadline, the prosecution provisions under Section 276BB will continue to apply, and legal action can be initiated. What does this mean for the taxpayer?