Budget 2025: Global economic shifts make tax cuts unlikely, but reforms must continue
2 months ago

Budget 2025: Global economic shifts make tax cuts unlikely, but reforms must continue

Live Mint  

As the world economy continues to work through the challenges of weak growth, likely inflation and political actions shifting economic relations, there is continued interest in whether tax policy can make a difference. Yet, the growth in goods and services tax collections is robust and personal income taxes have grown faster than corporate tax collections. However, US president Donald Trump’s withdrawal from the worldwide tax deal leaves experts wondering whether the status quo may continue or whether India will stay on board with the Organization for Economic Cooperation and Development. As tax concessions also exist for certain kinds of investments and investors, it is time to strategically evaluate if there is potential for long-term tax policy to support India’s Net Zero priorities.

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History of this topic

Steep cut in tax won’t be rolled back, FM tells LS
12 hours, 21 minutes ago

Steep cut in tax won’t be rolled back, FM tells LS

Hindustan Times  

New Delhi Union finance minister Nirmala Sitharaman assured the Lok Sabha on Tuesday that the steep reduction in personal income-tax for the middle class would not be rolled back in the future, noting that the government has carefully factored in the ₹1 lakh crore outgo while estimating revenue for 2025-26, which includes a 13%-plus projected growth in personal income tax …

Centre’s net direct tax collections reach ₹21.26 trillion, 95% of revised estimates
1 week, 1 day ago

Centre’s net direct tax collections reach ₹21.26 trillion, 95% of revised estimates

Live Mint  

The Centre has collected ₹21.26 trillion in net direct taxes so far this fiscal year, reaching 95% of the revised full-year target, the Income Tax Department said Monday after the final advance tax instalment deadline. Tax revenue, spanning corporate income tax, individual income tax, and securities transaction tax, grew 13.1% year-over-year, outpacing India’s 9.9% nominal GDP growth—a sign of strong …

A Federal Dilemma: How The New Income Tax Bill 2025 Threatens State Revenues And Fiscal Autonomy
1 week, 2 days ago

A Federal Dilemma: How The New Income Tax Bill 2025 Threatens State Revenues And Fiscal Autonomy

Live Law  

The New Income Tax Bill 2025 is regarded as a significant reform intended to streamline tax systems and enhance compliance. This article critically examines how the New Income Tax Bill 2025 jeopardizes fiscal federalism, the growing dependence on non-divisible surcharges and levies, and the potential risks states may soon face with diminishing financial strength and reduced fiscal autonomy. Although the …

New TDS, TCS rules 2025: Key changes impacting income taxpayers starting April 1. All you need to know
2 weeks, 3 days ago

New TDS, TCS rules 2025: Key changes impacting income taxpayers starting April 1. All you need to know

Live Mint  

The new income tax bill has changed the TDS and TCS rules several times. One of the key changes is the increase in TCS on foreign remittances under the Liberalized Remittance Scheme, which has risen from 20% to 22% for amounts over ₹7 lakh per year. Joint property purchasers also need to furnish PAN information of all joint owners to …

Crypto & The Indian Economy: How New Income Tax Bill Marks A Pivotal Moment
2 weeks, 5 days ago

Crypto & The Indian Economy: How New Income Tax Bill Marks A Pivotal Moment

ABP News  

By Vikram Subburaj Digital assets in India have evolved into a complex intersection of technological innovation, regulatory calibration, and fiscal oversight. Recent developments, notably the Union government’s initiative to draft a comprehensive concept paper on crypto and the introduction of the Income Tax Bill, 2025, in the Lok Sabha, signal a pivotal moment in India’s crypto journey. Income Tax Bill, …

ITR filing 2025: How often can Indian taxpayers switch between new and old income tax regimes?
3 weeks, 2 days ago

ITR filing 2025: How often can Indian taxpayers switch between new and old income tax regimes?

Live Mint  

In India, taxpayers can choose between the old and new income tax regimes, each offering distinct benefits. The choice to opt for the old tax regime must be made before the due date for filing returns under Section 139 of the Income Tax Act,” said Abhishek Soni, CEO and Co-founder Tax2win. Tax regime selection rule for salaried taxpayers Taxpayers with …

India needs 1.2-1.5 tax buoyancy to achieve 6.5-7% growth: EY
1 month ago

India needs 1.2-1.5 tax buoyancy to achieve 6.5-7% growth: EY

The Hindu  

“India has to maintain a tax buoyancy in the range of 1.2-1.5 to achieve a growth of 6.5-7%,” an EY report said on Wednesday, February 26, 2025. “India’s fiscal strategy must focus on enhancing tax buoyancy, prudent expenditure management, and continued structural reforms to ensure sustainable growth,” EY said. “However, for India to achieve a medium-term growth trajectory of 6.5-7.0% …

US Rejects Global Tax Deal: What’s Next for India’s Fiscal System?
1 month, 1 week ago

US Rejects Global Tax Deal: What’s Next for India’s Fiscal System?

The Quint  

After a series of moves culminating in Donald Trump's Executive Order on 20 January 2025 pronouncing the “Global Tax Deal” to have “no force or effect” in the United States, the country walked out of the international tax agreement brokered by the economic thinktank Organisation of Economic Cooperation and Development for industrialised countries. The deal was meant to ensure that …

Will the new ‘lucid’ Income Tax bill reduce disputes and litigation?
1 month, 1 week ago

Will the new ‘lucid’ Income Tax bill reduce disputes and litigation?

The Hindu  

The story so far: Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025, in Lok Sabha on February 13 to make India’s direct tax law “concise, lucid, easy to read and understand”. The existing Income Tax Act of 1961 has been amended numerous times, “overburdening” the law and making its language complex, argues the new IT Bill. The new …

Income Tax Bill 2025: Changes under the new bill that taxpayers must know. Check FAQs
1 month, 1 week ago

Income Tax Bill 2025: Changes under the new bill that taxpayers must know. Check FAQs

Live Mint  

On February 13, Finance Minister Nirmala Sitharaman introduced the Simplified Income Tax Bill 2025 in the Lok Sabha. Shefali Mundra, Tax Expert, at ClearTax, said there are several provisions under the Income Tax Bill 2025, the important ones are: The introduction of the concept of Tax Year Use of modern mechanisms for compliance and a more structured tax recovery structure …

New Income Tax: While Australia took 3 years and UK even longer, how did tax reforms in India happen in 6 months?
Trending News
1 month, 1 week ago

New Income Tax: While Australia took 3 years and UK even longer, how did tax reforms in India happen in 6 months?

Live Mint  

India's income tax law has recently undergone a major reform with a new Bill having been introduced in the Lok Sabha on Thursday and proposed to be reviewed by the select committee. The new Income Tax Bill aims to make the tax legislation simpler, concise and easy to read, so that there is less litigation arising out of complex provisions. …

Simplify, simplify, simplify: The mantra of India’s Income Tax Bill
1 month, 1 week ago

Simplify, simplify, simplify: The mantra of India’s Income Tax Bill

Live Mint  

In an era that glorifies radical and dramatic change, the quiet power of incremental reform tends to be overlooked. The new Income Tax Bill, 2025, falls into this category. There are some substantive changes to be sure, but the focus of the new Bill is more towards making the law more concise, lucid and easy to understand. However, the introduction …

India’s new income tax bill: It’s more concise and makes for a friendly tax law
1 month, 1 week ago

India’s new income tax bill: It’s more concise and makes for a friendly tax law

Live Mint  

The Income Tax Bill 2025 marks a significant step towards modernizing India’s tax framework, aiming to simplify compliance and enhance efficiency. By streamlining tax provisions, reducing redundancies, and introducing clearer legislative language, the Bill seeks to address long-standing complexities in the tax law. Tax simplifications and rationalization: The Bill introduces several key changes aimed at easing tax compliances and reducing …

India’s Income Tax Bill sets the stage for significant reforms
1 month, 1 week ago

India’s Income Tax Bill sets the stage for significant reforms

Live Mint  

The Income Tax Act of 1961 has undergone innumerable amendments since its inception. We have an outdated Income Tax Act, burdened with obsolete provisions and a cumbersome structure, especially in the context of economic liberalization, which reduced the government’s role in the economy. Given that the Centre has undertaken major reforms in recent years—introducing a new Companies Act, overhauling civil …

Mint Quick Edit | Finally, a tax law we may be able to grasp
1 month, 1 week ago

Mint Quick Edit | Finally, a tax law we may be able to grasp

Live Mint  

A new income tax bill was finally placed before Indian lawmakers in Parliament on Thursday. This proposed law significantly cuts down the current legislation’s text, reduces its number of sections and tries to simplify its language. Terms like “assessment year" and “previous year" have been replaced with “tax year" and “financial year", respectively, for example. Similarly, its content has been …

New Income Tax Bill 2025: FAQs issued on provisions for salaried taxpayers, virtual digital assets & more — details
1 month, 1 week ago

New Income Tax Bill 2025: FAQs issued on provisions for salaried taxpayers, virtual digital assets & more — details

Live Mint  

Union Minister Finance Minister Nirmala Sitharaman presented the new Income Tax Bill 2025 in the Lok Sabha on Thursday, February 2025. Why is it that on comparison of new Income Tax Bill and earlier provisions, it is found that in some cases viz ‘virtual digital assets’, etc there are certain changes? Therefore, the users are advised to compare the provisions …

Watch | Explained: What’s in the new Income Tax Bill?
1 month, 1 week ago

Watch | Explained: What’s in the new Income Tax Bill?

The Hindu  

Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025, in the Lok Sabha on February 13, 2025. This new legislation, which seeks to simplify and modernise India’s tax system, would replace the six-decade-old Income Tax Act, 1961, when it is passed by the Parliament and when the President gives her assent. The new Income Tax Bill consists of 536 …

New Income Tax Bill: Simpler, lighter and future-ready
1 month, 1 week ago

New Income Tax Bill: Simpler, lighter and future-ready

Live Mint  

The long-awaited bill for the new tax code was tabled in Parliament on Thursday. The bill fulfills the finance minister's commitment to provide an income tax law that is straightforward for both taxpayers and tax administrators, aiming to establish tax certainty and reduce litigation. As promised, on the first flush, the new income tax bill is direct in text, replacing …

New Income Tax Bill 2025 PDF: Here's Quick Access To Official Link, Top Highlights For You
1 month, 1 week ago

New Income Tax Bill 2025 PDF: Here's Quick Access To Official Link, Top Highlights For You

ABP News  

New Income Tax Bill: The much-anticipated Income Tax Bill, 2025, was introduced in Parliament today, marking a major effort to streamline the language and structure of the existing Income-tax Act, 1961. New Income Tax Bill PDF Download LINK For keen researchers, the Income Tax Bill, 2025, is available for the public on the official sansad.in website. Here's how you can …

New Income Tax Bill 2025: Higher Exemptions, Simpler Rules, Easier Tax Filing – Here’s What Changes For You
1 month, 1 week ago

New Income Tax Bill 2025: Higher Exemptions, Simpler Rules, Easier Tax Filing – Here’s What Changes For You

ABP News  

New Income Tax Bill: Finance Minister Nirmala Sitharaman introduced the much-anticipated Income Tax Bill 2025 in the Lok Sabha on February 13. Key Changes Introduced Introduction of ‘Tax Year’ : The bill replaces technical terms like ‘assessment year’ and ‘previous year’ with the simpler ‘tax year,’ making it easier for taxpayers to understand. : The bill replaces technical terms like …

What is the need for new Income Tax Bill 2025? ‘To review…’ says Centre
1 month, 1 week ago

What is the need for new Income Tax Bill 2025? ‘To review…’ says Centre

Hindustan Times  

Finance Minister Nirmala Sitharaman tabled the Income Tax Bill 2025 in the Lok Sabha on February 13. Finance Minister Nirmala Sitharaman had announced a comprehensive review of Income Tax Act 1961 on July 23, 2024 and had set a time limit of six months for the same. The bill and act in numbers The Income Tax Act 1961 had 5.12 …

New Income Tax bill 2025 tabled in Parliament: Top 10 highlights every taxpayer MUST know
1 month, 1 week ago

New Income Tax bill 2025 tabled in Parliament: Top 10 highlights every taxpayer MUST know

Live Mint  

Finance Minister Nirmala Sitharaman introduced the Income Tax Bill 2025 in the Lok Sabha on Thursday, 13 February. New Income Tax Bill 2025 tabled in Parliament. “Based on my cursory reading of the new income tax bill, I feel it is merely a good job of editing the existing Income Tax Act. 8) Taxes for cryptocurrency In Clauses 67 to …

New income tax bill reaches Parliament: Finance Minister Nirmala Sitharaman tables I-T Bill 2025 in Lok Sabha
1 month, 1 week ago

New income tax bill reaches Parliament: Finance Minister Nirmala Sitharaman tables I-T Bill 2025 in Lok Sabha

Live Mint  

Income Tax Bill 2025: Finance Minister Nirmala Sitharaman tabled the new direct tax code or the Income Tax Bill 2025 in Lok Sabha on Thursday. Finance Minister Nirmala Sitharaman asked Lok Sabha Speaker to form review committee for the the newly tabled Income Tax Bill 2025. Naveen Wadhwa, Vice President, Taxmann, said, “The Income Tax Bill tabled in Parliament will …

Income Tax Bill news: ‘India’s Direct Taxation System will be overhauled to make it compliance-friendly,’ says BJP MP
1 month, 1 week ago

Income Tax Bill news: ‘India’s Direct Taxation System will be overhauled to make it compliance-friendly,’ says BJP MP

Live Mint  

BJP MP Tejasvi Surya has commended the new Income Tax Bill on Thursday, highlighting that the legislation will simplify the lives of Indian taxpayers. Like many other areas where PM Narendra Modi's government has brought tremendous reforms, India's Direct Taxation System will also be overhauled to make it modern, simple, rational, and more compliance-friendly,” Surya said. The new Income Tax …

New Income Tax Bill: How will it make taxpayers' lives simpler?
1 month, 1 week ago

New Income Tax Bill: How will it make taxpayers' lives simpler?

India Today  

The new Income Tax Bill will be tabled today in the Parliament by Finance Minister Nirmala Sitharaman. Rohinton Sidhwa, Partner, Deloitte India said, "The new Income Tax Bill 2025, set to be tabled in Parliament, marks a historic moment in India's tax landscape, as it will replace the current year's legislation which was introduced way back in the year 1961." …

New Income Tax Bill 2025: What is ‘tax year’ and how is it different from 'assessment year?
1 month, 1 week ago

New Income Tax Bill 2025: What is ‘tax year’ and how is it different from 'assessment year?

Hindustan Times  

The Centre plans to table the new Income Tax Bill 2025 in the Parliament on February 13. It is a purely tax-related concept and is used to describe the time period during which a person must file taxes and returns on the income they have earned during a financial year. New terminology Tax year: The new bill aims to replace …

New Income Tax Bill 2025: All FAQs on tax slabs, old vs new regime, and more answered
1 month, 2 weeks ago

New Income Tax Bill 2025: All FAQs on tax slabs, old vs new regime, and more answered

Live Mint  

Amid the new Income Tax Bill 2025, we answer several FAQs on tax slabs, the old vs. new regime, the new income tax rules, exemption limits, and more. Individuals earning up to ₹12 lakh annually will not have to pay any income tax under consideringthe new tax regime as Finance Minister Nirmala Sitharaman on Saturday gave relief to middle class …

New Income Tax Bill 2025: What are expected changes and how will they affect you?
1 month, 2 weeks ago

New Income Tax Bill 2025: What are expected changes and how will they affect you?

Hindustan Times  

The central government may table the new Income Tax Bill 2025 in Parliament on February 13. The bill proposes to replace the term ‘Financial Year’ with the term ‘Tax Year’ and do away with the term ‘Previous Year’. The term ‘Tax Year’ then will represent the 12-month period starting from April 1, aligning it with the financial year framework. The …

Income Tax: ‘Assessment year’ to become ‘tax year’, govt to table new bill in Lok Sabha tomorrow
1 month, 2 weeks ago

Income Tax: ‘Assessment year’ to become ‘tax year’, govt to table new bill in Lok Sabha tomorrow

Firstpost  

After the Union Cabinet chaired by Prime Minister Narendra Modi approved the new Income Tax bill last week, it is expected to be tabled in the parliament tomorrow Finance Minister Nirmala Sitharaman, carrying a red pouch containing budget documents, poses for a photograph with colleagues as she arrives to present the budget in the Parliament in New Delhi, on Saturday. …

Boost in consumption is necessary, but 'Sabka Vikas' should not be lost
1 month, 2 weeks ago

Boost in consumption is necessary, but 'Sabka Vikas' should not be lost

Firstpost  

While India seeks to counter global headwinds and uncertainties that can mar its economic growth, it should ensure the boost in demands must not result in high inflation or the burden be placed on indirect taxes, as high income divide is an undeniable reality of the Indian economy If we can achieve GDP growth of 6.7 per cent for FY26 …

The income tax gambit to ramp up India’s growth
1 month, 2 weeks ago

The income tax gambit to ramp up India’s growth

Live Mint  

The new income tax bill must align with global best practices to attract foreign investment, support domestic businesses, and benefit individual taxpayers, experts said as India’s tax regime prepared for a major overhaul. “We are certain the new Act will align with global standards and India’s economic commitments.” Sudhakar Sethuraman, partner at Deloitte India, agreed that adopting global best practices …

Income Tax Bill to make rules simpler, easy to read
1 month, 2 weeks ago

Income Tax Bill to make rules simpler, easy to read

New Indian Express  

NEW DELHI: The Income Tax Bill, approved by the Cabinet on Friday, will not have any rate surprises. The bill is a major exercise in making the income tax rules simpler and easily comprehensible. What we are saying is that a law which has been amended more than 4,000 times, and has a lot of redundant provisions, can have a …

RBI, FinMin to work together; Tax relief, interest rate cut to boost demand: FM Sitharaman ahead of new I-T bill
1 month, 2 weeks ago

RBI, FinMin to work together; Tax relief, interest rate cut to boost demand: FM Sitharaman ahead of new I-T bill

Live Mint  

Finance Minister Nirmala Sitharaman said on Saturday, February 8, 2025 that fiscal and monetary measures announced by the government and the central bank recently will help boost consumption and promote private investment. 'Tax relief, interest rate cut to boost consumption' As a result of tax relief proposals, the government will forego revenue of ₹1 lakh crore in direct taxes and …

Finance Minister Nirmala Sitharaman says income tax and RBI rate cut will boost economy: Report
1 month, 2 weeks 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 …

Cabinet okays bill to replace Income Tax Act, may be tabled in parliament soon
Top News
1 month, 2 weeks ago

Cabinet okays bill to replace Income Tax Act, may be tabled in parliament soon

Live Mint  

The Union cabinet on Friday approved a bill to replace the more than six-decade-old Income Tax Act,1961 with a new, simpler and easy-to-understand law, as part of the government's regulatory reforms. The new Income Tax Bill is a key element of the regulatory reforms announced by finance minister Nirmala Sitharaman in her budget speech on 1 February, which outlined the …

New Income Tax Bill Greenlit By Union Cabinet To Streamline Taxation Framework: Report
Top News
1 month, 2 weeks 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 …

India’s taxation crisis: Can 1% bear such a large country’s burden?
1 month, 2 weeks ago

India’s taxation crisis: Can 1% bear such a large country’s burden?

Live Mint  

With just about 1% of Indians expected to fund about a third of the government’s gross tax revenue next fiscal year, India has a taxation problem. Data from the Central Board of Direct Taxes indicates that the number of people filing tax returns has risen by 82% over the past nine years, reaching 104 million in assessment year 2023-24. His …

Finance secretary calls for investment, and innovation to drive economic growth
1 month, 2 weeks ago

Finance secretary calls for investment, and innovation to drive economic growth

Live Mint  

New Delhi: While the government having returned money to citizens through tax cuts in the budget, it is now for industry and businesses to take investment risks and create institutions and jobs, finance secretary Tuhin Kanta Pandey said on Thursday. Economic impetus Last week, finance minister Nirmala Sitharaman in her budget speech highlighted several measures to give an impetus to …

New Income Tax Bill to Simplify Compliance
1 month, 2 weeks ago

New Income Tax Bill to Simplify Compliance

Deccan Chronicle  

New Delhi: The new income tax bill, likely to be tabled in Parliament next week, will not have long sentences, provisos and explanations. “The new income tax bill is expected to make compliance of the income tax law easier for taxpayers and income tax authorities by reducing complexity. The new income tax bill, which will replace the Income Tax Act, …

Income Tax Bill 2025: What’s new, what may change, and what we can expect?
1 month, 3 weeks ago

Income Tax Bill 2025: What’s new, what may change, and what we can expect?

Live Mint  

An important piece of law – encapsulating 298 sections – which determines the major sources of income for the fifth largest economy in the world was passed in 1961. In the next 64 years, the Income Tax Act has undergone a flurry of changes almost every year. Over these years, the Income Tax Act has undergone so many revisions that …

Fiscal consolidation to slow as budget relies on tax measures to support economy: Moodys
Trending News
1 month, 3 weeks ago

Fiscal consolidation to slow as budget relies on tax measures to support economy: Moodys

Deccan Chronicle  

Mumbai: Moody’s Ratings on Tuesday said that the income tax cuts announced in the Union Budget 2025 will boost middle-class spending and benefit corporates and the financial sector but warned that the lost revenue could slow fiscal consolidation despite a decline in spending as a share of GDP. Although the government has estimated consequent foregone revenue at around Rs 1 …

India to Assess US Exit from Global Tax Deal
Trending News
1 month, 3 weeks ago

India to Assess US Exit from Global Tax Deal

Deccan Chronicle  

New Delhi: Revenue secretary Tuhin Kanta Pandey on Tuesday said that India would assess the implications of the United States’ decision to withdraw from the global tax deal. As per the Trump’s statement, the ‘global tax deal’ has no force or effect within the United States, thus nullifying the progress made so far by the Organisation for Economic Cooperation and …

All income groups got a little something from the Budget
Trending News
1 month, 3 weeks ago

All income groups got a little something from the Budget

Live Mint  

The Union Budget 2025 aimed to put more money in the hands of every income group—whether salaried professionals, gig workers, rental income earners, or senior citizens—by tweaking tax slabs, deductions, and exemptions. The Bill proposes that persons opting for the new personal tax regime in financial year 2025-26, and having income upto ₹12 lakh, will not be required to pay …

5 key tax reforms for middle class introduced in Budget 2025
1 month, 3 weeks ago

5 key tax reforms for middle class introduced in Budget 2025

India Today  

The Union Budget 2025 presented by Finance Minister Nirmala Sitharaman on February 1, 2025, witnessed several key income tax reforms aimed especially at the middle class. REVISION OF INCOME TAX SLABS The government has proposed revisions to the tax slabs under the new regime: 0-4 lakh rupees: Nil 4-8 lakh rupees: 5% 8-12 lakh rupees: 10% 12-16 lakh rupees: 15% …

Can Trump derail 2021 global corporate tax deal? India evaluating if framework can still work
1 month, 3 weeks ago

Can Trump derail 2021 global corporate tax deal? India evaluating if framework can still work

Firstpost  

India is assessing whether a global corporate tax deal agreed between 140 nations can work following US President Donald Trump’s withdrawal from the landmark 2021 arrangement, a senior bureaucrat in the finance ministry said India is assessing whether a global corporate tax deal agreed between 140 nations can work following US President Donald Trump’s withdrawal from the landmark 2021 arrangement, …

Budget 2025: How should equity traders asses FM’s income tax rebates? Experts weigh in
1 month, 3 weeks ago

Budget 2025: How should equity traders asses FM’s income tax rebates? Experts weigh in

Live Mint  

The Union Budget 2025 introduced a series of direct tax measures aimed at making the new tax regime more attractive for resident taxpayers. Mihir Ashok Tanna, Associate Director at S K Patodia & Associates LLP, noted, “Direct Tax proposal in the budget continued to make the new tax regime more attractive for resident taxpayers except for equity traders who will …

Andy Mukherjee: India has slashed income tax but still needs to snip red tape
1 month, 3 weeks ago

Andy Mukherjee: India has slashed income tax but still needs to snip red tape

Live Mint  

The Indian middle class, and even some of its top 10% earners, are now fully exempt from income tax. Or it’s a tacit admission that consumption taxes are so high that even people making five times the average adult wage are struggling to fork out income taxes. With a little luck, the afterglow will last until it’s safe for the …

Budget 2025 overlooks joblessness
Trending News
1 month, 3 weeks ago

Budget 2025 overlooks joblessness

The Hindu  

The previous Budget, presented in July 2024 after the Lok Sabha election, had accorded priority to employment and skill development, given the nature of the election mandate. Among centrally The Finance Minister has sought to counterbalance the deflationary impact of these expenditure cuts by enhancing the annual rebate for income tax payers from ₹7 lakh to ₹12 lakh from 2025-26. …

Beyond tax cuts, a closer read of the Union Budget
Trending News
1 month, 3 weeks ago

Beyond tax cuts, a closer read of the Union Budget

The Hindu  

The Union Finance Minister, Nirmala Sitharaman’s presentation of the Union Budget on Saturday, February 1, was against the backdrop of pressing macroeconomic challenges — persistently high taxes and unemployment squeezing the middle-income class, subdued private investment, mounting external vulnerabilities that threaten to derail the growth story, and a looming fiscal overhang. While the Finance Minister laid out an ambitious road …

Updated tax returns: Budget 2025 offers a wider window to report omitted income
Trending News
1 month, 3 weeks ago

Updated tax returns: Budget 2025 offers a wider window to report omitted income

Live Mint  

In the Union Budget for 2022-23, India's finance ministry introduced the concept of updated tax returns to promote voluntary tax compliance. Taxpayers are required to file their income tax returns within four to six months from the end of the financial year. In essence, an updated return allows taxpayers to voluntarily declare omitted income even after the deadlines for belated …

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