In this episode of the State of Economy Podcast, businessline’s Shishir Sinha speaks with Sandeep Jhunjhunwala, M&A Partner, Nangia Andersen LLP and Anil Talreja, Partner, Deloitte . They talk about the newly introduced Income Tax Bill of 2025, a key piece of legislation that promises to reshape India’s tax landscape. 

The experts explore critical aspects of the bill, including its primary objective of simplifying the Income Tax Act and its likely impact on the economy. With provisions aimed at reducing redundant sections and making tax calculations easier, they assess how the bill will influence tax filing and compliance in India. The episode also covers key changes such as the removal of the term “notwithstanding” and the introduction of “tax year” terminology, offering a clearer understanding of tax calculation periods. 

The conversation further goes on about the bill’s approach to crypto taxation, the residency provisions for non-resident Indians (NRIs), and how litigation related to tax issues might be reduced under the new law. Despite the new bill’s efforts to simplify tax provisions, there are areas where experts feel further reform could have been incorporated. They also discuss the ongoing challenges with the current tax system and the potential for future improvements. 

This episode provides a comprehensive breakdown of the new Income Tax Bill and helps understand what the proposed changes mean for their finances and the broader economy. Tune in for an informative and accessible discussion on this pivotal piece of legislation. 

(Host: Shishir Sinha; Producer: Prethicshaa Gurumoorthy)

About the State of the Economy podcast 

India’s economy has been hailed as a bright spot amid the general gloom that seems to have enveloped the rest of the world. But several sectors continue to stutter even as others seem set to fire on all cylinders.

Published on February 14, 2025