SCHEDULES
Here’s a more readable summary of the comparison between the schedules in the Income Tax Act, 1961 and the Income Tax Act, 2025:
| Schedule (1961) | Schedule heading as per Income-tax Act, 1961 | Corresponding Schedule (Income-tax Act, 2025) |
|---|---|---|
| The First Schedule | Insurance Business. | Schedule-XIV |
| The Second Schedule | Procedure for recovery of Tax. | Removed and moved to Rules |
| The Third Schedule | Procedure for distraint by assessing officer or tax recovery officer. | Removed and moved to Rules |
| The Fourth Schedule | Part A- Recognised Provident Fund. Part B- Approved Superannuation Fund. Part C- Approved Gratuity Funds. | Schedule-XI |
| The Fifth Schedule | List of Articles and Things. | Redundant |
| The Sixth Schedule | Omitted by Finance Act, 1972 w.e.f. 1-4-1973. | Omitted |
| The Seventh Schedule | Part A- Minerals Part B- Groups of Associated Minerals. | Schedule-XII |
| The Eigth Schedule | List of Industrially Backward States and Union Territories. | Redundant |
| The Ninth Schedule | Omitted by The Taxation Laws (Amendment and Miscellaneous Provisions) Act, 1986 w.e.f. 1-4- 1988. | Omitted |
| The Tenth Schedule | Omitted by The Finance Act, 1999 w.e.f. 1-4-2000. | Omitted |
| The Eleventh Schedule | List of Articles or Things. | Schedule-XIII |
| The Twelfth Schedule | Processed Minerals and Ores. | Redundant |
| The Thirteenth Schedule | List of Articles or Things. | Redundant |
| The Fourteenth Schedule | List of Articles or Things or Operations. | Redundant |
This summary highlights which schedules have been retained, removed, or merged into the Income Tax Act, 2025.
The Income Tax Act 2025 has introduced several changes aimed at simplifying compliance, promoting digital transactions, and widening the tax base. Key areas of focus include digital assets, higher deductions, and stringent penalties for non-compliance. The new Act is expected to make the tax system more transparent and efficient.
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