New Income Tax Bill: 10 points which all taxpayers should know. Check here
1 month, 2 weeks 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 bill is spread across 622 pages. Tax law Sections Pages New Income tax 536 622 Old Income tax 298 823 3.

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History of this topic

FM Nirmala Sitharaman: Parliament to discuss new Income Tax Bill in Monsoon Session
4 days, 13 hours ago

FM Nirmala Sitharaman: Parliament to discuss new Income Tax Bill in Monsoon Session

The Hindu  

The new Income Tax Bill will be taken up for discussion in the Monsoon Session of Parliament, Finance Minister Nirmala Sitharaman said on Tuesday. Replying to the discussions on the Finance Bill 2025 in the Lok Sabha, Ms. Sitharaman said the new Income Tax Bill, which was introduced in the House on February 13, is currently being vetted by the …

New Income Tax Bill: Is this an old wine in a new bottle? Experts say this…
1 month ago

New Income Tax Bill: Is this an old wine in a new bottle? Experts say this…

Live Mint  

Union Finance Minister Nirmala Sitharaman on Feb 13 tabled the new Income Tax Bill in the Parliament. While the existing law has 823 pages as amended in 2024 whereas the new income tax bill is spread across 622 pages. There are some experts who believe that this new law is an old wine in the new bottle, which lacks novel …

Income Tax Bill 2025: New Bill clarifies carry forward of house property losses
1 month, 1 week ago

Income Tax Bill 2025: New Bill clarifies carry forward of house property losses

Hindustan Times  

The New Income Tax Bill 2025, which aims to replace the Income Tax Act 1961, seeks to simplify and simplify tax rules. “The remaining loss can be carried forward for the next eight years, but it can only be adjusted against income from the house property in those years. Capital Gains Exemption On Property Sale “Capital gains exemption is provided …

New Income tax bill 2025: MUST know tax refund rule during ITR filing
1 month, 1 week ago

New Income tax bill 2025: MUST know tax refund rule during ITR filing

Live Mint  

The introduction of the Income Tax Bill 2025 in the Lok Sabha sparked concerns among taxpayers about their eligibility for refunds if they file their Income Tax Return after the due date. “Dear @taxguru_in, As explained in our FAQs, there are no policy changes in the provisions related to Refunds in the new Income Tax Bill, 2025,” the Income tax …

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: 10 FAQs you should know
1 month, 1 week ago

New Income Tax Bill: 10 FAQs you should know

India Today  

With the New Income Tax Bill 2025 set to replace the existing Income Tax Act of 1961, the Income Tax Department has released a set of frequently asked questions to help taxpayers understand the new bill. Let us look at the 10 FAQs regarding the New Income Tax Bill 2025. What is the difference in the number of chapters, sections …

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 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 Bill: Taxpayers can find the relevant provision through section-wise mapping utility. Check here
1 month, 2 weeks ago

New Income Tax Bill: Taxpayers can find the relevant provision through section-wise mapping utility. Check here

Live Mint  

The income tax department has launched the utility to enable taxpayers to check the relevant provision of the new income tax Bill. The new income tax Bill was introduced in the Parliament on Thursday and it will now be referred to the Select Committee of Lok Sabha for further review. Taxpayers can check the utility to check section of income …

Income Tax Bill 2025: Now you can do 'section to section mapping' of I-T Act, check here how
Trending News
1 month, 2 weeks 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, 2 weeks 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. …

This Week in Explainers: How Ranveer Allahbadia and 'India’s Got Latent' trended for wrong reasons
Trending News
1 month, 2 weeks 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, 2 weeks 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, 2 weeks 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 …

Income Tax Bill 2025: Tax year vs assessment year vs financial year vs calendar year - Difference explained
Trending News
1 month, 2 weeks ago

Income Tax Bill 2025: Tax year vs assessment year vs financial year vs calendar year - Difference explained

India TV News  

The Income Tax Bill 2025 has been introduced in the Lok Sabha by Finance Minister Nirmala Sitharaman. The Bill will also replace terminologies such as "assessment year" and "previous year" with the easier-to-understand "tax year" as part of a move to simplify language. Tax Year and Financial Year As per the draft Income Tax Bill 2025, the tax year is …

India’s Income Tax Bill sets the stage for significant reforms
1 month, 2 weeks 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 …

Lok Sabha Speaker constitutes Select Committee to examine New Income Tax Bill, Baijayant Panda named chairman
Trending News
1 month, 2 weeks ago

Lok Sabha Speaker constitutes Select Committee to examine New Income Tax Bill, Baijayant Panda named chairman

India TV News  

New Income Tax Bill: Lok Sabha Speaker Om Birla has constituted a Select Committee to examine the New Income Tax Bill, 2025. Check full list of members here: New Income Tax Bill introduced in Lok Sabha Earlier on February 13, Union Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025, in the Lok Sabha and urged Speaker Om Birla …

New Income Tax bill: Has it really been simplified for taxpayers?
1 month, 2 weeks 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, 2 weeks 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, 2 weeks 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.” …

New Income Tax Bill 2025: FAQs issued on provisions for salaried taxpayers, virtual digital assets & more — details
1 month, 2 weeks 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, 2 weeks 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, 2 weeks 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, half the size of 1961 I-T Act, built on core ‘SIMPLE’ principles: What are they?
1 month, 2 weeks ago

New Income Tax Bill, half the size of 1961 I-T Act, built on core ‘SIMPLE’ principles: What are they?

Live Mint  

New Income Tax Bill 2025: The simplified Income Tax Bill, half the size of the 1961 Income Tax Act, seeks to achieve tax certainty by minimising the scope of litigation and fresh interpretation, said the Income Tax department on Thursday, February 13. According to the I-T department, the tax bill aims to simplify the tax system based on six core …

New Income Tax Bill 2025 PDF: Here's Quick Access To Official Link, Top Highlights For You
1 month, 2 weeks 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, 2 weeks 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, 2 weeks 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, 2 weeks 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 introduced in Lok Sabha
1 month, 2 weeks 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, 2 weeks 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, 2 weeks 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. …

New Income Tax bill 2025 tabled in Parliament: Top 10 highlights every taxpayer MUST know
1 month, 2 weeks 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 …

Finance Minister Nirmala Sitharaman Tables New Income Tax Bill In Lok Sabha
1 month, 2 weeks 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. …

Income Tax Bill news: ‘India’s Direct Taxation System will be overhauled to make it compliance-friendly,’ says BJP MP
1 month, 2 weeks 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 …

What to expect from the new income tax law: Simplicity, tax certainty, reduced litigation
1 month, 2 weeks ago

What to expect from the new income tax law: Simplicity, tax certainty, reduced litigation

Live Mint  

New Delhi: The government is set to introduce the Income Tax Bill, 2025, in parliament on Thursday, seeking to replace a six-decade-old law with a crisper and shorter statute. Signal from the government The new Income Tax Bill is a key element of the set of reforms announced in finance minister Nirmala Sitharaman’s budget speech this year. What the bill …

How will new Income Tax Bill, 2025, help you?
1 month, 2 weeks ago

How will new Income Tax Bill, 2025, help you?

Firstpost  

The new Income Tax Bill, 2025 will be tabled in Parliament today. The idea behind the new bill is to simplify taxation laws – currently governed by the Income Tax Act, 1961 – for the common man. As per Indian Express, the new income tax bill makes the language of the law simpler. Sandeep Jhunjhunwala, M&A Tax Partner at Nangia …

New Income Tax Bill to be tabled today: Here's what you can expect
1 month, 2 weeks 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, 2 weeks 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 focuses simpler rules; makes no structural changes
1 month, 2 weeks 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 …

Simple language, ‘tax year’ idea in I-T bill set to be tabled on Thursday
1 month, 2 weeks ago

Simple language, ‘tax year’ idea in I-T bill set to be tabled on Thursday

Hindustan Times  

New Delhi Finance minister Nirmala Sitharaman is expected to introduce the Income-Tax Bill, 2025 in the Lok Sabha on Thursday, with the emphasis being on clarity and simplicity. The law aims to repeal redundant provisions of existing act and introduce new features such as provisions for low tax rates for cooperatives, tax on crypto-assets, incentives for start-ups, clarity on non-resident …

Simplified I-T Bill likely to be tabled in Parliament today
1 month, 2 weeks 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, 2 weeks 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: Concept Of "Tax Year" To Be Introduced Instead Of "Assessment Year", "Financial Year" To Remain Unchanged
1 month, 2 weeks ago

New Income Tax Bill 2025: Concept Of "Tax Year" To Be Introduced Instead Of "Assessment Year", "Financial Year" To Remain Unchanged

Live Law  

The new Income Tax bill is set to introduce the concept of 'Tax Year'. For the purposes of this Act, “tax year” means the twelve months period of the financial year commencing on the 1st April. Amortisation of certain preliminary expenses: As per the existing Income Tax Act, 1961, Section 35D states that where an assessee, being an Indian company …

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 …

New Income Tax Bill 2025: This may still undergo several changes sooner than later
1 month, 2 weeks 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, 2 weeks 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, 2 weeks 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, 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. …

New Income Tax Bill aims to clear confusion between Assessment Year and Financial Year. Here’s how
1 month, 2 weeks ago

New Income Tax Bill aims to clear confusion between Assessment Year and Financial Year. Here’s how

Live Mint  

The “crisper and simplified” new Income Tax Bill 2025 has replaced the term ‘previous year’ from the 60-year-old Income Tax Act, 1961, with ‘tax year’ and done away with the concept of ‘assessment year’. New Income Tax Bill 2025 will simplify ‘tax year’ definition The report noted that the new Income Tax Bill proposes that ‘previous year’ as mentioned in …

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