The Marginal Tax Rate refers to the tax rate that applies to each tax bracket in a taxpayer’s income or other taxable income for which they qualify. It is the percentage taken from the taxpayer’s additional rupee of taxable income above a predetermined income threshold. As an individual’s income increases, so does their marginal tax … Read more
The Centre has introduced the 2025 New Income Tax Bill in an effort to streamline and simplify the current tax regulations. The new I-T Bill 2025 stated that the existing Income Tax Act of 1961 has undergone multiple amendments, resulting in a burdened and complex language that has escalated compliance costs for taxpayers and hindered … Read more
Income Tax Bill 2025 was introduced in a bid to simplify the tax filing process by reducing provisions and acts. Taxpayers can now compare the sections of the Income Tax Act, 1961 with the corresponding clauses in the simplified I-T Bill, 2025, on the Income Tax department portal. The Income Tax Department has made available … Read more
The deduction for inter-corporate dividends for companies choosing the 22% tax rate, as authorized by the Income Tax Act of 1961, has been removed in the Income Tax Bill 2025. Under Section 80M of the present income tax law, Indian companies are allowed to deduct dividends received from domestic or foreign companies, as well as … Read more
Income Tax Bill 2025: The recently introduced Income Tax Bill 2025 contains several modifications to the taxation process and calculation of taxable income. A significant alteration in the updated tax system is the introduction of the concept of a tax year, which is defined in Clause 3 as a twelve-month period starting on the 1st … Read more
Union Finance Minister Nirmala Sitharaman will present the new Income Tax Bill 2025 in the Lok Sabha today. This bill, designed to make tax regulations more accessible to the general public, will replace the existing Income Tax Act of 1961. The bill will then be referred to the Parliamentary Standing Committee on Finance, which will … Read more
The Union Cabinet is expected to approve the new Income Tax Bill on Friday, February 7, which could result in its introduction in the Lok Sabha early next week, government sources told Business Today. The purpose of the new Income Tax Bill is to simplify and streamline the tax process by replacing the current Income … Read more
Old Tax Regime vs New Ta Regime: Taxpayers often find themselves in a quandary when it comes to selecting the most suitable income tax regime. The Income Tax Department allows individuals to choose their preferred income tax regime for a particular financial year, with the frequency of switches permitted based on one’s profession or specific criteria … Read more
ITR filing: Taxpayers who missed the deadline to file their belated or revised Income Tax Return (ITR) for the financial year 2024-25 in July 2024 were given a second opportunity to do so on Wednesday, January 15. The Central Board of Direct Taxes (CBDT) extended the deadline to January 15 to give these taxpayers some … Read more
The finance ministry could take forward further simplification and rationalisation of the tax deducted at source regime in the Union Budget 2025-26 while a more comprehensive revamp of the Income Tax Act, 1961, could take longer. According to sources, the Budget is likely to announce further streamlining of TDS rates with a more simplified slab … Read more