Income Tax (No.2) Bill, 2025 : Essential Features [Part 1]

 Income Tax (No.2) Bill, 2025 : Essential Features [Part 1]

S.2 (5) defines "agricultural income". 

S.2 (20) defines "Business".

S.2 (48) defines "hearing" ; it includes communication of data and documents through electronic mode.

S.2(49) defines income. It says in S.2(49)(d) that income includes value of perquisite or profit in lieu of salary taxable under Sections 17 and 18. 

S.2 (100) defines a senior citizen means an Indian resident individual citizen of 60 years and above.

S. 2(101)(a) is useful to understand short term capital asset ; maximum period of 24 months and 12 months are given. 

S.13 talks about classification of income for purposes of income tax. There are 5 types of incomes. 

S.15 (4) says salary by partner of a firm shall not be regarded as salary for purposes of S.15. 

Chapter 22 of this Bill deals with offences and prosecution. S.496 (1)(a) says "shall be triable only by the Special Court". S.492 declares offences under S.476, 478, 479, 480, 482, or 484 to be deemed to be non cognizable. 

S.479 (1) uses the words "wilfully". S.479 (2) puts restriction on S.479 (1). 

S.474 on the other hand does not uses words "wilfully". S.474 simply uses "fails to do so". S. 475 uses words "fraudulently"