New Delhi, Feb. 17 -- The new income tax bill, 2025, has transferred section 80C tax saving deductions to clause 123, in Chapter VIII in it with an intention of bringing ease and decluttering the tax structure.

This has been detailed in the bill tabled by the Finance Minister of India in the Parliament on February 13, 2025. The reform aims to benefit the taxpayer because it makes them more aware of the tax-saving channels and enables them to make correct financial decisions.

The newly tabled income tax bill, 2025, has made changes to several provisions, one of which is shifting section 80C tax-saving allowances to Clause 123, under chapter VIII. The bill will make the existing tax regime simpler, easier to understand and will be effecti...