Corrigendum issued to Correct 50 Error in Income Tax Bill 2025

The government has issued a corrigendum to correct 50 errors in the proposed Income Tax Bill 2025. Within 2 days of its release, the corrigendum was issued.

Though the corrigendum is intended to correct small typos or grammatical errors, the fact remains that the corrigendum is issued within 2 days of its release.

The New Income Tax Bill, 2025, which goes into effect on April 1, 2026, represents a significant revision of the existing tax system. It consists of 536 clauses, 16 schedules, and 23 chapters that introduce significant changes to streamline and modernise tax administration.

Key changes include the introduction of a “tax year” concept, the preservation of the old tax regime with current deductions, and the development of a new tax regime with updated rates.

The bill gives the Central Board of Direct Taxes (CBDT) more authority, allowing it to execute tax schemes independently and improve digital tax monitoring without requiring regular legislative amendments. It also increases compliance measures, such as faceless assessments and digital record-keeping, and adopts a more systematic approach to penalties for noncompliance.

Hope the bill is not subject to interpretational amendments or revisions once it is enacted. Hope that the CBDT’s discussion and deliberation make it more comprehensive and free of disputes and litigation as a result of its inadequate drafting and interpretation.

For Corrigendum Download PDF Given Below: