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 in tax administration and policy will enhance India’s competitiveness. Dipesh Jain, partner at Economic Laws Practice, said, “Some of the global best practices—such as Large Taxpayer Units, transparent interfaces with tax authorities, 24/7 helpline numbers, and Advance Pricing Arrangements —go a long way in instilling taxpayer confidence in the tax system. “The new income tax bill will be clear and direct, reducing the current law by nearly half in terms of chapters and word count.

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History of this topic

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

Claims that new powers being introduced in new income tax bill incorrect: Sources
2 weeks, 2 days ago

Claims that new powers being introduced in new income tax bill incorrect: Sources

Live Mint  

New Delhi, March 9 : Sources in the Central Board of Direct Taxes have sought to clear the air after some concerns were raised that Income Tax authorities have been given additional powers in the Income Tax Bill 2025 to gain overriding access to the electronic records including email, social media, and virtual digital space. Similarly, Section 247 of the …

Crypto & The Indian Economy: How New Income Tax Bill Marks A Pivotal Moment
2 weeks, 4 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, …

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 …

New Income Tax bill: What is tax year and how is it different from assessment year?
Trending News
1 month, 1 week ago

New Income Tax bill: What is tax year and how is it different from assessment year?

India Today  

Finance Minister Nirmala Sitharaman introduced the new Income Tax Bill in Lok Sabha on February 13. One of the key changes introduced in the New Income Tax Bill, 2025, pertains to the concept of the 'tax year.' Under the current Income Tax Act, 1961, all communications between taxpayers and the tax department refer to the 'Assessment Year,' which is the …

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 …

Income Tax Bill 2025: Now you can do 'section to section mapping' of I-T Act, check here how
Trending News
1 month, 1 week ago

Income Tax Bill 2025: Now you can do 'section to section mapping' of I-T Act, check here how

India TV News  

If you are one among those who are a little worried about the new New Income Tax Bill, here is good news for you. Now, Income Taxpayers can match the sections of the I-Tax Act, 1961, with the corresponding clauses in the simplified I-T Bill, 2025, on the tax department portal. Section to Section mapping on I-Twebsite Also, Section to …

Income Tax department activates section wise mapping of I-T Act, Tax bill
1 month, 1 week ago

Income Tax department activates section wise mapping of I-T Act, Tax bill

Live Mint  

New Delhi, Feb 15 Income Tax payers can now match the sections of the I-Tax Act, 1961, with the corresponding clauses in the simplified I-T Bill, 2025, on the tax department portal. Also, Section to Section mapping as per Income Tax Act, 1961 and Section number as per New Income Tax Bill has been uploaded on the I-T department's website. …

New income tax bill: Why was there a need for a new legislation?
1 month, 1 week ago

New income tax bill: Why was there a need for a new legislation?

Live Mint  

The Income-Tax Bill 2025 was introduced in Lok Sabha on 13 February to replace the existing Act. Mint explains why the Income Tax Act needed an overhaul and why the amended bill is unlikely to upset taxpayers. Two attempts were made in the past to rewrite the tax law—in 2009 after a committee presented a draft direct taxes code together …

This Week in Explainers: How Ranveer Allahbadia and 'India’s Got Latent' trended for wrong reasons
Trending News
1 month, 1 week ago

This Week in Explainers: How Ranveer Allahbadia and 'India’s Got Latent' trended for wrong reasons

Firstpost  

Podcast host Ranveer Allahbadia, popularly known as BeerBiceps, landed in hot water after his inappropriate remarks on comic Samay Raina’s YouTube show, India’s Got Latent, went viral online. After PM Modi’s bilateral talks with Trump, the duo addressed a press conference during which the American president announced that the US would provide its F-35 stealth fighter jets to India. It …

This Week in Explainers: How Ranveer Allahbadia and 'India’s Got Latent' trended for wrong reasons
1 month, 1 week ago

This Week in Explainers: How Ranveer Allahbadia and 'India’s Got Latent' trended for wrong reasons

Firstpost  

Podcast host Ranveer Allahbadia, popularly known as BeerBiceps, landed in hot water after his inappropriate remarks on comic Samay Raina’s YouTube show, India’s Got Latent, went viral online. Here’s all this and more in our weekly roundup from India Ranveer Allahbadia is facing legal woes over controversial comments on India's Got Latent. It all started after a clip of YouTuber …

A lowdown on simpler, shorter, crisper Income Tax Bill, 2025
1 month, 1 week ago

A lowdown on simpler, shorter, crisper Income Tax Bill, 2025

New Indian Express  

MUMBAI: The New Income Tax Bill 2025, which will replace the 1961 Act, is an attempt at simplifying the tax rules. Another key change is doing away with the 1,200 provisos and the 900 explanations - each change in taxation laws have been passed by Parliament and become part of existing Act - in the new Bill presented in the …

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: Has it really been simplified for taxpayers?
1 month, 1 week ago

New Income Tax bill: Has it really been simplified for taxpayers?

India Today  

In the Union Budget 2025, the Finance Minister announced tax relief measures for taxpayers. Alongside this, she introduced a new Income Tax Bill in the Lok Sabha on Thursday, aiming to replace the existing law and make tax compliance easier. The proposed income tax bill seeks to simplify and revamp the Income Tax Act of 1961, which has often been …

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.” …

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 …

New Income Tax Bill introduced in Parliament: Read the key changes in the direct tax law
1 month, 1 week ago

New Income Tax Bill introduced in Parliament: Read the key changes in the direct tax law

Op India  

The Income Tax Bill 2025 was presented in the Lok Sabha by the Union Finance Minister Nirmala Sitharaman today. Key Features of the Bill The existing Income Tax Act has 23 chapters containing 536 sections and 16 schedules in 880 pages. The new Bill has done away with this distinction and introduces a single ‘Tax Year’ which will coincide with …

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 …

Congress MP Manish Tewari says new Income Tax Bill is more complicated
1 month, 1 week ago

Congress MP Manish Tewari says new Income Tax Bill is more complicated

Hindustan Times  

Congress MP Manish Tewari on Thursday criticized the new Income Tax Bill, arguing that, contrary to Union Finance Minister Nirmala Sitharaman's claims, the proposed legislation is more complex than the existing one. Manish Tewari, a Congress MP, blasted the new Income Tax Bill on Thursday, saying that it is more complicated than the current one, despite what Union Finance Minister …

New Income Tax Bill introduced in Lok Sabha
1 month, 1 week ago

New Income Tax Bill introduced in Lok Sabha

The Hindu  

Finance Minister Sitharaman on Thursday introduced the Income Tax Bill, 2025, in Lok Sabha amid Opposition parties objecting its introduction. While moving the Bill for introduction, she urged Speaker Om Birla to refer Income Tax Bill, 2025, to Select Committee of Lok Sabha. The much-anticipated Bill will replace terminologies such as “assessment year” and “previous year” with the easier-to understand …

New Income Tax Bill introduced by Nirmala Sitharaman in Parliament, Opposition stages walkout
1 month, 1 week ago

New Income Tax Bill introduced by Nirmala Sitharaman in Parliament, Opposition stages walkout

Hindustan Times  

Finance Minister Nirmala Sitharaman has tabled the Income Tax Bill 2025 in the Lok Sabha. Finance Minister Nirmala Sitharaman tabled the Income Tax Bill in the Lok Sabha on Thursday. Opposition raises objections Speaking on objection raised by Opposition MP from Kerala's Kollam, NK Premachandran, on the new bill having more sections than the previous Income Tax Act from 1961, …

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. …

Finance Minister Nirmala Sitharaman Tables New Income Tax Bill In Lok Sabha
1 month, 1 week ago

Finance Minister Nirmala Sitharaman Tables New Income Tax Bill In Lok Sabha

ABP News  

Finance Minister Nirmala Sitharaman presented the new Income Tax Bill In Lok Sabha on Thursday, which will replace the Income Tax Act, 1961. The new Income Tax Bill aims to simplify and modernise India's tax system. The existing Income Tax Act consists of 298 sections across 23 chapters, covering personal income tax, corporate taxes, securities transaction tax, and gift tax. …

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 …

Shashi Tharoor’s hilarious Coldplay jibe at Sitharaman’s income tax cuts: ‘Coldplay says fix you, FM says tax you’
1 month, 1 week ago

Shashi Tharoor’s hilarious Coldplay jibe at Sitharaman’s income tax cuts: ‘Coldplay says fix you, FM says tax you’

Live Mint  

Congress leader Shashi Tharoor took a witty dig at Finance Minister Nirmala Sitharaman’s Union Budget 2025, using a Coldplay-inspired metaphor. Known for his sharp humour, Tharoor critiqued the budget in an Instagram reel, saying, “Coldplay says ‘Fix You,’ but the Finance Minister says ‘Tax You.’” Tharoor quipped, “Even Chris Martin wouldn’t be able to find paradise in these numbers. But …

New Income Tax Bill to be tabled today: Here's what you can expect
1 month, 1 week ago

New Income Tax Bill to be tabled today: Here's what you can expect

India Today  

The new Income Tax Bill is set to be tabled in Parliament today. Munjal Almoula, Head of Tax at BDO India, said, "The objective of the new tax bill is to remove unnecessary provisions and simplify the language of the tax law to make it easier to understand. KEY CHANGES EXPECTED IN THE NEW TAX BILL Shorter and simpler 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." …

Not impressed by Income Tax Bill, analysts don't think it as transformational
1 month, 1 week ago

Not impressed by Income Tax Bill, analysts don't think it as transformational

New Indian Express  

NEW DELHI: The Income Tax Bill has failed to live up to the hype that it created, feels a section of tax analysts and chartered accountants. “Expectations were quite high but at the moment this seems to be an attempt to keep the law same and only improve overall structure,” says Gaurav Makhijani, senior Tax Advisor, Roedl & Partner. However, …

New Income Tax Bill more complicated than previous one: Congress MP Manish Tewari
1 month, 1 week ago

New Income Tax Bill more complicated than previous one: Congress MP Manish Tewari

New Indian Express  

NEW DELHI: Congress MP Manish Tewari on Thursday criticized the new Income Tax Bill, arguing that, contrary to Union Finance Minister Nirmala Sitharaman's claims, the proposed legislation is more complex than the existing one. "The Union Finance Minister had said that the new Income Tax Bill will be simpler than the previous bill. The new Income Tax Bill is set …

New Income Tax bill focuses simpler rules; makes no structural changes
1 month, 1 week ago

New Income Tax bill focuses simpler rules; makes no structural changes

New Indian Express  

NEW DELHI: The new Income Tax Bill is more about consolidation of scattered tax provisions, simplification and elimination of redundant laws than about rate ir structural changes. The Bill, which is likely to be tabled on Thursday, maintains the existing tax rates and leaves capital gains tax rules unchanged. The new tax regime has been put in chapter XIII of …

Simplified I-T Bill likely to be tabled in Parliament today
1 month, 1 week ago

Simplified I-T Bill likely to be tabled in Parliament today

Deccan Chronicle  

New Delhi: The government is likely to introduce the simplified Income-Tax Bill 2025 in Parliament on Thursday. The simplified Bill will replace 298 sections and 14 schedules in the six-decade-old Income-Tax Act 1961. The statement of objects and reasons of the new I-T bill says that the Income-Tax Act passed in 1961 has been subjected to numerous amendments since its …

New Income Tax Bill 2025: Stricter Rules For Virtual Digital Assets, Simple Terms And More
1 month, 1 week ago

New Income Tax Bill 2025: Stricter Rules For Virtual Digital Assets, Simple Terms And More

ABP News  

The new income tax bill is expected to be introduced in Parliament on Thursday, 13 February. After the introduction of the new bill, income tax will be assessed based on the economic activity and income earned during the 'tax year.' The new 622-page Income-Tax Bill, 2025 features simplified language, the removal of provisos and explanations, and a shift in tax …

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

New Income Tax Bill 2025: This may still undergo several changes sooner than later
1 month, 1 week ago

New Income Tax Bill 2025: This may still undergo several changes sooner than later

Live Mint  

Union Finance Minister Nirmala Sitharaman is likely to present the new income tax bill in the Parliament on Thursday. However, it is noteworthy that the current Bill is expected to undergo a lot of changes since the income tax portal is still inviting suggestions from people with regards to the new tax bill under the section ‘new’. Either this is …

New Income Tax Bill 2025 to have 622 pages, 536 sections; likely to be tabled in Parliament on Feb 13
1 month, 1 week ago

New Income Tax Bill 2025 to have 622 pages, 536 sections; likely to be tabled in Parliament on Feb 13

The Hindu  

A crispier and simplified Income Tax Bill 2025, having 536 sections, and 23 chapters running into 622 pages, is likely to be introduced in the Lok Sabha on Thursday. The Bill once enacted will replace six-decade old Income Tax Act 1961, which over the years became bulkier and complex with amendments. The Income Tax Bill, 2025 comprises 536 sections, higher …

New Income Tax Bill to introduce ‘tax year’, replace definitions with formulas
1 month, 1 week ago

New Income Tax Bill to introduce ‘tax year’, replace definitions with formulas

Live Mint  

New Delhi: The new Income Tax Bill, which is likely to be tabled in Parliament this week, will introduce the term ‘tax year’ to specify the year of earning income for which the tax liability is computed. The Income Tax Bill has 23 chapters, divided into 536 sections and 16 schedules spread over 600 pages, compared to the Income Tax …

Income Tax: ‘Assessment year’ to become ‘tax year’, govt to table new bill in Lok Sabha tomorrow
1 month, 1 week 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. …

New Income Tax Bill To Be Tabled In Parliament Tomorrow, To Have 622 Pages
1 month, 1 week ago

New Income Tax Bill To Be Tabled In Parliament Tomorrow, To Have 622 Pages

ABP News  

A crispier and simplified Income Tax Bill 2025, having 536 sections, and 23 chapters running into 622 pages, is likely to be introduced in the Lok Sabha on Thursday. The Bill once enacted will replace the six-decade old Income Tax Act 1961, which over the years became bulkier and complex with amendments. The Income Tax Bill, 2025 comprises 536 sections, …

New Income Tax Bill: 10 points which all taxpayers should know. Check here
1 month, 1 week ago

New Income Tax Bill: 10 points which all taxpayers should know. Check here

Live Mint  

The New Income Tax Law is set to become a reality soon. So, those taxpayers who want to opt for the old tax regime will have to opt out of the new regime,” says CA Chirag Chauhan, a Mumbai-based chartered accountant. Fewer pages: Income Tax Act 1961 has 823 pages as amended in 2024 where as the new income tax …

23 chapters, 16 schedules and 536 clauses: Here is what the new Income Tax Bill says
1 month, 1 week ago

23 chapters, 16 schedules and 536 clauses: Here is what the new Income Tax Bill says

Live Mint  

The New Income Tax Bill, set to be presented in Parliament on Thursday, February 13, will span over 622 pages and aims to replace the six-decade-old Income Tax Act of 1961. The Income Tax Bill, 2025 comprises 536 sections, 16 schedules, 23 chapters, and 622 pages. Here is what the new Income Tax Bill says Section 19: Deductions from Salaries …

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