The big post-budget interview: Nirmala Sitharaman says she wanted to ‘honour the taxpayer’
1 month, 2 weeks ago

The big post-budget interview: Nirmala Sitharaman says she wanted to ‘honour the taxpayer’

Live Mint  

You have presented some substantive issues in the budget, but the minute you say something like a personal income tax cut, that grabs all the headlines. We don’t know, but our intent and the primary motive was to make sure we honour the taxpayer.. What is the philosophy behind the new income tax bill? ‘We’ll be watchful, but we can’t predict at the moment, what will be the effect on us.’ — on Trump’s tariffs How do you think we can insulate India from a full-blown trade war? ‘We are pushing the agenda forward on semiconductors, mobile manufacturing, in sunrise sectors.’ —on incremental GDP growth You talked about the shift to the debt to GDP ratio and gave a glide path for that. I think it’s also at the state level; these kinds of questions should be asked.

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History of this topic

New income tax bill: All your questions answered
1 month, 1 week ago

New income tax bill: All your questions answered

India Today  

Finance Minister Nirmala Sitharaman presented the New Income Tax Bill in Parliament on Thursday, in order to simplify the country’s six-decade old Income Tax Act, 1961. WHAT IS THE NEED FOR A NEW INCOME TAX BILL? The Income Tax Bill of 2025 is a much-needed reform that simplifies this complex framework, making tax laws more accessible and transparent. The new …

New Income Tax bill explained: What's changing and what's not
1 month, 1 week ago

New Income Tax bill explained: What's changing and what's not

India Today  

Finance Minister Nirmala Sitharaman introduced the new Income Tax Bill in Lok Sabha on Thursday. The bill aims to simplify the existing Income Tax Act, 1961, by making it more structured and easier to understand. The new bill also includes repeals and savings clauses to ensure that the rights and benefits accrued to taxpayers under the old law are protected.” …

Amid uproar over Waqf report, Sitharaman tables new Income Tax Bill in Parliament
Trending News
1 month, 1 week ago

Amid uproar over Waqf report, Sitharaman tables new Income Tax Bill in Parliament

Firstpost  

The new Income Tax Bill is intended to simplify the direct taxation regime in India and replace the Income Tax Act of 1961 Union Finance Minister Nirmala Sitharaman on Thursday tabled the new Income Tax Bill in the parliament. The new Income Tax bill is meant to simplify the direct taxation regime and replace the Income Tax Act of 1961. …

Simpler Filing Process To Faster Refunds: What New Income Tax Bill Could Bring
1 month, 1 week ago

Simpler Filing Process To Faster Refunds: What New Income Tax Bill Could Bring

ABP News  

The New Income Tax Bill is likely going to be introduced by Finance Minister Nirmala Sitharaman in the Lok Sabha today. Ankit Garg, CEO, Wealthy Nivesh, shared that the New Income Tax Bill is expected to remove the issues related to penalties, litigations, and ambiguities in the tax filing process. Sandeep Bhalla, Partner, Dhruva Advisors, explained that the new tax …

Finance Minister Nirmala Sitharaman says income tax and RBI rate cut will boost economy: Report
1 month, 1 week ago

Finance Minister Nirmala Sitharaman says income tax and RBI rate cut will boost economy: Report

Hindustan Times  

The income tax relief which the Budget 2025 provided, coupled with the Reserve Bank of India's repo rate cut will boost recovery in consumption in the economy, a report by news agency ANI quoted Finance Minister Nirmala Sitharaman as saying. Union Finance Minister Nirmala Sitharaman during an interview with PTI, in New Delhi, Sunday, Feb. 2, 2025. Besides this, the …

New Income Tax Bill Greenlit By Union Cabinet To Streamline Taxation Framework: Report
Top News
1 month, 1 week ago

New Income Tax Bill Greenlit By Union Cabinet To Streamline Taxation Framework: Report

ABP News  

New Income Tax Bill: The Union Cabinet has reportedly given its nod to a new Income Tax Bill aimed at simplifying India’s tax framework and modernising compliance procedures, as reported by PTI citing sources. Finance Minister Nirmala Sitharaman first announced the Narendra Modi Government's intent to overhaul the tax framework during her Budget 2024 presentation. Updated Tax Slabs & Rates …

Respecting service of taxpayers: Nirmala Sitharaman on Budget income tax breaks
Trending News
1 month, 2 weeks ago

Respecting service of taxpayers: Nirmala Sitharaman on Budget income tax breaks

India Today  

Finance Minister Nirmala Sitharman on Tuesday said that the tax relief given in Budget 2025 was Prime Minister Narendar Modi's effort to respect the service the taxpayers are doing for nation building. So this is a continuing part of Prime Minister Modi's effort to respect the service that taxpayers are doing in mission building," said Sitharman at the Budget Round …

Idea behind simpler, new income tax bill? So you can deal with taxes on your own
Trending News
1 month, 2 weeks ago

Idea behind simpler, new income tax bill? So you can deal with taxes on your own

Firstpost  

Finance Minister Nirmala Sitharaman has said that the new income tax bill, which will be presented in Parliament next week, will aim to make the IT Act relevant to the 21st century, with the focus being on encouraging citizens to manage their income tax on their own, according to a report Finance Minister Nirmala Sitharaman has said that the new …

‘Taxpayers build nation they’ll drive demand,’ says FM Nirmala Sitharaman
1 month, 2 weeks ago

‘Taxpayers build nation they’ll drive demand,’ says FM Nirmala Sitharaman

Hindustan Times  

The Prime Minister Narendra Modi-led government has sought to respect the taxpayer instead of following a rent-seeking approach, finance minister Nirmala Sitharaman said on Sunday, emphasising that the huge tax relief announced in Saturday’s Union Budget was an acknowledgement of the contribution of citizens who pay their fair share towards nation-building, or, as she repeatedly stressed, a manifestation of “respect”. …

FM Sitharaman says ministry bureaucrats needed to be convinced to cut income tax, not the PM
1 month, 2 weeks ago

FM Sitharaman says ministry bureaucrats needed to be convinced to cut income tax, not the PM

Op India  

The budget for 2025-26 has provided major relief for the middle class by reducing the income tax burden. Finance Minister Nirmala Sitharaman in her budget speech announced substantial changes to the tax structure and raised the minimum taxable income to ₹12 lakh. Amid this, Finance Minister Nirmala Sitharaman revealed that PM Modi had readily agreed to cut income tax, but …

India’s tax laws set for a revamp: What is the new Income Tax Bill? How will it affect you?
Trending News
1 month, 2 weeks ago

India’s tax laws set for a revamp: What is the new Income Tax Bill? How will it affect you?

Firstpost  

Finance Minister Nirmala Sitharaman is set to introduce a new Income Tax Bill aimed at simplifying the six-decade-old tax system in the coming week. File Image/Reuters Finance Minister Nirmala Sitharaman is set to introduce a new Income Tax Bill in Parliament next week, aiming to simplify the six-decade-old Income Tax Act of 1961. Simplification of tax compliance One of the …

‘Focus on wealth creation, win for middle class’: How experts see tax cut in Sitharaman’s Budget 2025
1 month, 2 weeks ago

‘Focus on wealth creation, win for middle class’: How experts see tax cut in Sitharaman’s Budget 2025

Firstpost  

After Union Finance Minister Nirmala Sitharaman proposed to make income up to Rs 12 lakh tax-free in the Budget 2025-26, among other measures, experts said it was a pro-growth budget that sought to focus on wealth creation for the middle class with eyes on triggering consumption-led growth A customer looks at consumable goods before buying them at a supermarket in …

In economy's shifting sands, a budget to boost demand
1 month, 2 weeks ago

In economy's shifting sands, a budget to boost demand

Live Mint  

The Union budget presented by finance minister Nirmala Sitharaman on Saturday can be framed against two major shifts in the Indian economy. The latest budget numbers show that income tax is expected to account for ₹22 out of every ₹100 of receipts that will flow into the government treasury. The second major shift: In February 2021, the finance minister had …

Budget 2025: Govt to introduce new income tax bill next week, announces Nirmala Sitharaman
1 month, 2 weeks ago

Budget 2025: Govt to introduce new income tax bill next week, announces Nirmala Sitharaman

Hindustan Times  

Union finance minister Nirmala Sitharaman announced on Saturday that the government will introduce the new income tax bill in Parliament next week. Union Finance Minister Nirmala Sitharaman presents the Union Budget 2025-26 in the Lok Sabha, in New Delhi, “The government will introduce a new Income Tax bill next week in Parliament to take forward 'trust first, scrutinise later' concept. …

Is a simpler income tax system coming this Budget?
1 month, 2 weeks ago

Is a simpler income tax system coming this Budget?

Firstpost  

Finance Minister Nirmala Sitharaman is reportedly going to announce a new bill introducing a new income tax system to simplify tax laws. Finance Minister Nirmala Sitharaman is reportedly going to announce a new bill introducing a new income tax system to simplify tax laws during the Budget Session, which starts tomorrow. India Today reported that Sitharaman is likely to introduce …

Income tax payers in India have good reason to feel neglected
1 month, 3 weeks ago

Income tax payers in India have good reason to feel neglected

Live Mint  

As the countdown to Union budget 2025-26 enters its final phase, it is about time individual taxpayers got a look-in from finance minister Nirmala Sitharaman. In its effort to shift individual taxpayers to its exemption-free regime of personal income tax, the Centre must be commended for dangling carrots but sparing the stick. Likewise, in the case of tax on accrued …

Budget 2025: Will FM Sitharaman announce a new Income Tax Act soon? Experts expect easier ITR filing rules, TDS tweaks
1 month, 3 weeks ago

Budget 2025: Will FM Sitharaman announce a new Income Tax Act soon? Experts expect easier ITR filing rules, TDS tweaks

Live Mint  

During the Budget 2024 speech, Union Finance Minister Nirmala Sitharaman announced that the income tax law will undergo a comprehensive review. Therefore, directionally, towards revamping the Income Tax Act, it is important that the Union Budget 2025 lays down definitive timelines for concluding appeals filed before appellate and higher forums; applications filed before the Board for Advance Rulings and APAs …

Budget 2025: FM Nirmala Sitharaman may propose new Income Tax Act. Key changes to expect
2 months ago

Budget 2025: FM Nirmala Sitharaman may propose new Income Tax Act. Key changes to expect

Live Mint  

Budget 2025: Finance Minister Nirmala Sitharaman, in the Union Budget 2024, had proposed to revamp the Income Tax Act, 1961, to make it concise and easier to understand. It is expected that in the upcoming budget session on February 1, a new Income Tax Act may be proposed. The government may introduce the certain changes in the Income Tax Act …

Kharge demands end to ‘tax terrorism’ in the Budget, calls GST ‘Give Sitharaman Tax’
2 months, 1 week ago

Kharge demands end to ‘tax terrorism’ in the Budget, calls GST ‘Give Sitharaman Tax’

The Hindu  

Ahead of the Union Budget, the Congress on Thursday alleged that the goods and services tax had become a means to “loot” people and demanded that the Centre puts an end to “tax terrorism”. In a post on X, Congress president Mallikarjun Kharge said that the GST could stand for the “Gabbar Singh Tax” or “Grahasthi Satyanash Tax ” or …

Budget 2022: Why didn't government change personal income tax rates? FM Sitharaman answers
3 years, 1 month ago

Budget 2022: Why didn't government change personal income tax rates? FM Sitharaman answers

India TV News  

Highlights Sitharaman did not raise the standard deduction Concessional rate of 15 per cent has been extended by one year for newly incorporated units The basic personal tax exemption limit in the personal income tax was last revised in 2014 There was no change in the personal income tax slabs in the Union Budget 2022-23 unveiled on Tuesday by Finance …

Taxes need to be simplified for a self-reliant India: Nirmala Sitharaman
4 years, 8 months ago

Taxes need to be simplified for a self-reliant India: Nirmala Sitharaman

Live Mint  

Finance minister Nirmala Sitharaman on Wednesday said that taxation, especially Goods and Services Tax, needs to be further simplified to make life easier for tax payers, a critical requirement for a self-reliant nation. Sitharaman’s promise about simplifying the tax administration comes a day after Prime Minister Narendra Modi thanked tax payers along with farmers for strengthening the government’s hands in …

Explained: Benefits and drawbacks of new income tax regime
5 years, 1 month ago

Explained: Benefits and drawbacks of new income tax regime

India Today  

Finance Minister Nirmala Sitharaman announced a new optional income tax regime in Budget 2020-21. While some people have welcomed the new income tax regime, others are confused whether they should switch to the new tax structure or stay put under the existing regime. Finance Minister Nirmala Sitharaman said the process under the new income tax structure will be much easier …

Budget 2020: Personal Income Tax Rates Slashed
5 years, 1 month ago

Budget 2020: Personal Income Tax Rates Slashed

Live Law  

Finance Minister Nirmala Sitharaman has slashed the personal income tax rates but provided to forgo exemptions, as she announced the Union Budget for the Financial Year 2020-2021 today, in the Lok Sabha. It is noteworthy however that the new tax regime is optional for the taxpayers and an individual who is currently availing more deductions & exemption under the IT …

From streamlining GST to lowering personal income tax: How govt plans to boost economy
5 years, 3 months ago

From streamlining GST to lowering personal income tax: How govt plans to boost economy

India Today  

The government is working on multiple measures to revive the ailing economy after growth in the second quarter dipped to 4.5 per cent, the lowest in over six years. Finance Minister Nirmala Sitharaman on Saturday said the government is working on steps like personal income tax rationalisation and another reform in GST to boost demand and economic growth. While government …

After Sitharaman’s tax bonanza come the big challenges
5 years, 5 months ago

After Sitharaman’s tax bonanza come the big challenges

Live Mint  

Last week, the finance minister announced a cut in corporate income tax rates. The total revenue the government will forgo due to a lower corporate income tax and a few other changes is expected to be around ₹1.45 trillion. Up until the decision to cut the rates, the government expected to earn ₹7.66 trillion through corporate income taxes. Everything else …

’Committed to greater simplification’: Nirmala Sitharaman on 2 years of GST
5 years, 8 months ago

’Committed to greater simplification’: Nirmala Sitharaman on 2 years of GST

Live Mint  

On the second anniversary of the Goods and Services Tax on 1 July, both present finance minister Nirmala Sitharaman and former finance minister Arun Jaitley took to social media, looking back on the implementation process and promising greater simplification of the federal tax system. It would, therefore, be only fair to look back the last two years and analyse the …

Budget 2019: Job creation, lowering income tax top priorities among Indians
5 years, 9 months ago

Budget 2019: Job creation, lowering income tax top priorities among Indians

India Today  

Most Indians have asked the government to focus on creating more jobs and further reduce income tax rates in the Union Budget 2019, which will be announced by new finance minister Nirmala Sitharaman. Meanwhile, salaried taxpayers have demanded rationalisation of income tax rates to boost demand, which is another key measure to boost economic growth. However, the government could tweak …

Sitharaman should give tax benefits to common man, remove MAT in Budget: Experts
5 years, 9 months ago

Sitharaman should give tax benefits to common man, remove MAT in Budget: Experts

India TV News  

Finance Minister Nirmala Sitharaman should consider increasing the income tax exemption limit to at least Rs 3 lakh and abolish minimum alternate tax for companies to boost consumption and economic growth, suggested tax experts. "The government may raise the basic exemption limit by Rs 50,000 extending the benefit to all or alternatively, 5 per cent slab may be raised from …

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