The Income Tax Bill, 2025 renumbers Section 54F as Section 86 while retaining the existing conditions, computation, and exemption framework.
Residential status under Section 6 determines whether a taxpayer is liable for global income or only Indian-source income. The rules classify taxpayers as Resident, RNOR, or Non-Resident.
Section 139(8A) now permits filing of ITR-U within 48 months from the end of the assessment year. However, it cannot be used to reduce tax liability, claim refunds, or bypass departmental proceedings.
