Centre launches process to revamp income-tax regime
2 months, 2 weeks ago

Centre launches process to revamp income-tax regime

Hindustan Times  

NEW DELHI: The Union government on Monday formally launched the process to revamp the existing income-tax regime with four key objectives in mind – simplification of language, reduction of litigations, ease of compliance, and scrapping of obsolete provisions. “The goal is to make the Act concise, clear, and easy to understand, which will reduce disputes, litigation, and provide greater tax certainty to taxpayers,” the Central Board of Direct Taxes, an arm of the finance ministry, said in a statement on Monday. While launching the Goods and Services Tax on July 1, 2017 was a transformational change in the indirect tax regime, the government in 2019 slashed the corporate tax rate for domestic manufacturing companies from 30% to 22% and for new manufacturing firms from 25% to 15% in measures aimed at attracting investments and reviving growth. 58 per cent of corporate tax came from the simplified tax regime in financial year 2022-23,” Sitharaman said in this year’s Budget speech. Gross direct tax collections saw a robust 21.48% annualised increase to ₹12.01 lakh crore in the current financial year till September 17, according to the latest data.

Tax Corporate Tax Regime Sitharaman Act  taxpayers  provisions  centre  sitharaman  litigation  act  regime  incometax  process  revamp  budget  tax  launches  simplified

History of this topic

Eyes on income tax, customs duty and capex reforms as Sitharaman begins Budget 2025 meetings
2 weeks, 6 days ago

Eyes on income tax, customs duty and capex reforms as Sitharaman begins Budget 2025 meetings

Firstpost  

An internal committee led by Chief Commissioner of Income Tax VK Gupta will ensure the suggested amendments comply with international standards, improve the system for the taxpayer and facilitate the government’s revenue mechanism Finance Minister Nirmala Sitharaman held a meeting on Tuesday to chart next year’s Union Budget. Talking to Moneycontrol, a government source said, “Eyes on income tax, customs …

Tax action in the Union budget for 2025-26 could set the course for Viksit Bharat
3 weeks, 6 days ago

Tax action in the Union budget for 2025-26 could set the course for Viksit Bharat

Live Mint  

Balancing fiscal prudence with the need to provide a growth impetus has been a hallmark of our government over past Union budgets. Particularly praiseworthy is the government’s proposal to undertake a comprehensive review of the Income Tax Act of 1961 within the context of reviewing the entire direct and indirect taxation regime. On the indirect taxation side, the 2024-25 budget …

Income Tax Act overhaul likely in Budget
1 month ago

Income Tax Act overhaul likely in Budget

New Indian Express  

NEW DELHI: In a major move anticipated during her budget speech on February 1, Finance Minister Nirmala Sitharaman is expected to announce a comprehensive review of the Income Tax Act. Sources indicate that this review aims to simplify the existing tax framework, which currently comprises a staggering 71 TDS sections. Announcing the last budget this year, she said, “I am …

Relief to middle class? Inflation offsets hike in tax exemption limit
1 month ago

Relief to middle class? Inflation offsets hike in tax exemption limit

New Indian Express  

NEW DELHI: The government recently claimed that Income tax burden on the common man has come down in the last 10 years, thanks to the Narendra Modi-led government’s various measures. It claimed that taxpayers in the Rs 2.5-7 lakh tax bracket who paid on an average Rs 25,000 in FY14 are now paying zero tax. Fast forward to FY 2024-25, …

Can you expect major income tax changes in Budget 2025? Check details
1 month, 1 week ago

Can you expect major income tax changes in Budget 2025? Check details

India Today  

The Union Budget 2025-26 is set to usher in a new era of tax simplification in India, with the Finance Ministry working on comprehensive reforms to streamline the income tax system. The proposed reforms focus on three key areas: simplifying tax structures, expanding the tax base, and balancing revenue generation with taxpayer relief. SIMPLER TAX FILING Building on the success …

Major income tax reforms in pipeline, Budget 2025 to ease filing process: Sources
Trending News
1 month, 1 week ago

Major income tax reforms in pipeline, Budget 2025 to ease filing process: Sources

India Today  

February 2025 is poised to usher in a new era of tax simplicity in India, as the upcoming Union Budget 2025-26 aims to reform the Income Tax Act, making tax filing easier for citizens, according to sources. Sources in the Finance Ministry told India Today TV that a series of major reforms to the income tax system are in the …

Centre’s net direct-tax revenue grows 15.4% to ₹12.1 trillion in April-Nov
1 month, 1 week ago

Centre’s net direct-tax revenue grows 15.4% to ₹12.1 trillion in April-Nov

Live Mint  

New Delhi: The union government’s direct-tax collection has grown by 15.41%, after tax refunds, to ₹12.1 trillion so far this financial year, the Central Board of Direct Taxes said on Monday. Securities transaction tax contributed ₹35,923 crore so far this financial year, 90% more than the ₹18,909 crore collected in the same period a year ago, CBDT data showed. So …

It is time India started indexing tax slabs and exemptions with inflation
Trending News
1 month, 1 week ago

It is time India started indexing tax slabs and exemptions with inflation

Live Mint  

NEW DELHI : One of the big stories of the Indian economy has been the sharp increase in personal income tax collections. As the government’s revenue from personal income tax rises, it will likely face greater scrutiny and higher taxpayer expectations regarding the tax system's efficiency, transparency, stability, and fairness. The old tax regime evolved over several decades, allowing individuals …

Nirmala Sitharaman reviews Income Tax Act 1961
1 month, 2 weeks ago

Nirmala Sitharaman reviews Income Tax Act 1961

Live Mint  

Union Finance Minister Nirmala Sitharaman on Monday chaired a meeting on the comprehensive review of the Income Tax Act 1961. Sitharaman had announced a comprehensive review of the Income Tax Act 1961 in the Union Budget 2024-25 on July 23. He also told the finance minister that 6,500 valuable suggestions have been received through the portal since it was opened …

CBDT forms committee for I-T Act review; 'sunset' clauses to be eliminated
4 months ago

CBDT forms committee for I-T Act review; 'sunset' clauses to be eliminated

Deccan Chronicle  

New Delhi: An internal committee of the Income Tax Department will review the 1961 direct tax law to eliminate redundant clauses as well as adopt best global practices to simplify it for taxpayers for better compliance, CBDT chief Ravi Agrawal has said. The panel, comprising income tax officials from across the country, has started working to identify areas of improvement …

Budget 2024: The government’s focus is on ease of paying taxes
4 months, 4 weeks ago

Budget 2024: The government’s focus is on ease of paying taxes

The Hindu  

While providing primacy to growth with inclusion, the Budget attempts to infuse a new momentum to the economy and strengthen India’s resilient ecosystem so that the country emerges as a growth engine of the world. The proposals to expand the scope of safe harbour rules, streamline transfer pricing assessment procedure, and reduce the corporate tax rate on foreign companies from …

India's Tax Regime Set For A Major Upgrade, Govt Puts Income Tax Act 1961 Under Review; Check Key Reasons
4 months, 4 weeks ago

India's Tax Regime Set For A Major Upgrade, Govt Puts Income Tax Act 1961 Under Review; Check Key Reasons

News 18  

The government has announced a comprehensive review of the Income Tax Act to address several key issues. Announcing the decision during her Budget 2024 speech, Finance Minister Nirmala Sitharaman announced that it will undertake a comprehensive review of the Income Tax Act to make it easy to read. By making the Income Tax Act more user-friendly and efficient, the government …

The rationale for the tax proposals
5 months ago

The rationale for the tax proposals

The Hindu  

The 2024-25 Budget is not just an account of receipts and expenditures for the financial year; it also sets the stage for several years in terms of expectations. Budget 2024 |Middle class discontented, real estate sector applauds tax reforms Regarding the general proposals, two sets pique interest — first, those relating to capital markets and second, those relating to the …

Budget 2024: How the new tax regime announced by Sitharaman will impact taxpayers?
5 months ago

Budget 2024: How the new tax regime announced by Sitharaman will impact taxpayers?

India TV News  

Budget 2024: Finance Minister Nirmala Sitharaman on Tuesday presented her seventh straight Budget for the fiscal 2024-25. In a significant move, Sitharaman unveiled new income tax slabs under the revised tax regime. Here are the new and old income tax slabs New income tax slabs 0-3 lakh: Nil 3-7 lakh: 5% 7-10 lakh: 10% 1-12 lakh 15% 12-15 lakh 20% …

Budget 2024: Income tax slabs changed, standard deduction increased. Read details
5 months ago

Budget 2024: Income tax slabs changed, standard deduction increased. Read details

Op India  

On Tuesday, Finance Minister Nirmala Sitharaman presented the Annual Financial Statement before the Lok Sabha. The Finance Minister has given relief to taxpayers who choose to opt for the New Tax regime as the tax slabs have been revised and the Standard deduction limit has been increased from Rs 50,000 to Rs 75,000. Personal Income Tax: The Union Finance Minister …

Corporate tax cut enriched billionaires by Rs 2 lakh crore; middle-class hit by heavy taxes: Congress
5 months, 1 week ago

Corporate tax cut enriched billionaires by Rs 2 lakh crore; middle-class hit by heavy taxes: Congress

New Indian Express  

NEW DELHI: With the personal income tax collections exceeding the corporate tax collections, the Congress alleged on Sunday that the corporate tax cut has put over Rs 2 lakh crore in the "pockets of billionaires," while the middle class continues to bear the weight of heavy taxation. The opposition party's attack on the government came a day after data released …

Direct Tax Cases Weekly Round-Up: 02 To 08 June 2024
6 months, 2 weeks ago

Direct Tax Cases Weekly Round-Up: 02 To 08 June 2024

Live Law  

Delhi High Court Once Issue Of Arm's Length Remuneration Settled By TPO, Question Of Ascertaining Existence Of PE Is Academic; Delhi High Court Quashes Reassessment Proceedings Case Title: Progress Rail Locomotive Inc. Exemption Allowable On Donations Made By One Charitable Trust To Other Charitable Institutions For Temporary Period: Delhi High Court Case Title: Commissioner Of Income Tax Versus M/S Jamnalal …

New I-T regime needs stability: CBDT chair
10 months, 3 weeks ago

New I-T regime needs stability: CBDT chair

Live Mint  

NEW DELHI : The new personal income tax regime needs stability as it was modified last year, whose impact will be known in the tax return filings in July this year, Central Board of Direct Taxes chairman Nitin Gupta said in an interview on Friday, explaining why tax regimes need not be changed every year. Taken together with the ₹50,000 …

More Than 5 Crore Taxpayers Opt for New Tax Regime 2023
1 year, 4 months ago

More Than 5 Crore Taxpayers Opt for New Tax Regime 2023

News 18  

Finance Minister Nirmala Sitharaman announced income tax relief, especially for those with salaried incomes in the 2023-24 Budget. The new tax regime grants tax exemption for income between 0 to 3 lakh rupees. Individuals earning income ranging between Rs 3 to 6 lakh are taxed at a 5 per cent rate, while those between 6 to 9 lakh face a …

10 Income Tax Rules That Are Changing From April 1, 2023
1 year, 8 months ago

10 Income Tax Rules That Are Changing From April 1, 2023

News 18  

The income tax laws have undergone numerous changes, and they will take effect this fiscal year. Some of the main changes that will take effect on April 1, 2023, include raised tax rebate limits, changes to income tax slabs, and the elimination of the LTCG tax benefit on certain debt mutual funds. Let’s examine the changes:- 1) New income tax …

New income tax regime, other rules to kick in from Apr 1: What taxpayers need to know
1 year, 8 months ago

New income tax regime, other rules to kick in from Apr 1: What taxpayers need to know

Hindustan Times  

As is the case with each financial year, the upcoming FY will also begin on April 1. The announcements made by finance minister Nirmala Sitharaman in the annual Feb 1 budget, too, will come into effect as part of the new financial year. In Budget 2023, one of her announcements pertained to the old and new income tax regimes. Speaking …

New tax regime ‘sweetened’ to benefit maximum number of taxpayers: CBDT Chairman
1 year, 10 months ago

New tax regime ‘sweetened’ to benefit maximum number of taxpayers: CBDT Chairman

The Hindu  

The new income tax regime for filing returns has been "sweetened" in the Budget 2023-24 and it will be beneficial for maximum number of taxpayers as they can enjoy a "reduced" tax rate, CBDT Chairman Nitin Gupta said. Speaking to PTI during a post-Budget interview, Gupta said the intent of the government while announcing the new slabs and rates under …

Centre mulls cutting tax rates in new income tax regime
2 years, 3 months ago

Centre mulls cutting tax rates in new income tax regime

Live Mint  

BENGALURU/NEW DELHI : The finance ministry is working to sweeten the two-year-old exemptions-free personal income tax regime by offering lower tax rates, a government official said, after the new system failed to click with taxpayers. “We have not seen much traction for the new personal income tax regime without exemptions so far. Similarly, the Centre is exploring ways to do …

CBDT observes 163rd anniversary of Income Tax
2 years, 4 months ago

CBDT observes 163rd anniversary of Income Tax

Live Mint  

The 163rd anniversary of Income Tax Day was observed by the Central Board of Direct Taxes and all its field offices across India on Sunday, the Ministry of Finance said. The events by the field formations included outreach programmes for taxpayers recognising their contribution to the nation, taxpayer felicitation programmes, contributing to the upgradation of resources such as computers to …

Union Budget 2022: From widening tax base to growth-related announcements, what we want from FM Sitharaman
2 years, 11 months ago

Union Budget 2022: From widening tax base to growth-related announcements, what we want from FM Sitharaman

Firstpost  

If India is going to break into the next generation of economic reform, there is a dire need for bold steps both on the expenditure and revenue sides In a season troubled by the third wave of the pandemic, with new variant Omicron, and excited by the forthcoming Assembly elections in five states, can we expect anything dramatic and path-breaking …

Why personal income tax rates need a revision
2 years, 11 months ago

Why personal income tax rates need a revision

India Today  

With the budget comes the hope and expectation of tax rate cuts, especially for the salaried class. Corporate tax rates are amongst the most competitive in the world with no room for further rationalisation—down to 15 per cent for new manufacturing units. But in terms of income tax rates, the salaried tax payers continue to be taxed at relatively higher …

"Digitization Being Implemented At Rapid Pace In The Arena Of Direct Taxes": Delhi HC Asks DGIT To Resolve Glitches In Income Tax Portal
3 years, 3 months ago

"Digitization Being Implemented At Rapid Pace In The Arena Of Direct Taxes": Delhi HC Asks DGIT To Resolve Glitches In Income Tax Portal

Live Law  

The Delhi High Court has asked the Director General of Income Tax to resolve the glitches in the income tax portal while observing that the new software should be tested on a large sample base of assesses before putting it to use for general public. "Since digitisation is being implemented at a rapid pace in the arena of Direct Taxes …

Direct Tax Collection for Ongoing Financial Year Drops by 17.6% Till December 15: Report
4 years ago

Direct Tax Collection for Ongoing Financial Year Drops by 17.6% Till December 15: Report

News 18  

The Centre’s total net direct tax collection, which includes advance tax, dropped 17.6 percent in FY 2020-21 till December 15. According to a report by Moneycontrol, direct tax collected up to December 15 stood at Rs 4.95 lakh crore as against Rs 6.01 lakh crore for the same period a year ago. According to the initial projections, corporate tax collected …

PM Modi to Launch 'Transparent Taxation
4 years, 4 months ago

PM Modi to Launch 'Transparent Taxation

News 18  

Prime Minister Narendra Modi will on Thursday launch a new platform, "Transparent Taxation Honouring the Honest", which will carry forward the journey of direct tax reforms, an official statement said here. The Central Board of Direct Taxes has carried out several major tax reforms in direct taxes in the recent years, the statement pointed out. This includes bringing more transparency …

Corporate Tax to be Cut Only When Exemptions End: Arun Jaitley
6 years, 10 months ago

Corporate Tax to be Cut Only When Exemptions End: Arun Jaitley

India TV News  

Finance Minister Arun Jaitley has hinted at the possibility of further tax cuts for corporate and indirect taxes in the future, but only after all existing exemptions are phased out. Jaitley made this announcement during a post-budget interaction with industry chamber FICCI, stating that the corporate tax rate can only be brought down to 25 per cent after all exemptions …

Discover Related