New Delhi, Aug. 12 -- The Lok Sabha on Monday passed a revised Income Tax Bill 2025, fixing drafting oversights in the earlier version that could have cost taxpayers refunds, complicated TDS rules, and limited property income deductions. Experts say the changes restore clarity, align the law with long-standing provisions, and will help prevent needless litigation.

For individual taxpayers, the key updates cover refunds on belated or revised ITRs, nil TDS certificates, standard deduction on property income, and pre-construction home loan interest deductions.

The February draft referring only to "lower" deduction, omitting the 'nil' option for TDS certificates, would have impacted a taxpayer whose income is not taxable, said Sachin Garg, ...