At the start of each fiscal year, salaried employees are confronted with significant decisions from their employers. In addition to selecting between the new and old tax regimes, this year, salaried taxpayers must know whether their salaries would be taxed as per the Income-tax Act, 1961, or the newly proposed Income Tax Bill 2025, which … Read more
The Income Tax Department has reaffirmed that its access to digital and social media accounts is restricted to specific search and survey operations, safeguarding the online privacy of common taxpayers. This enforcement measure, affecting only a small portion of the approximately 8.79 crore income-tax returns filed annually, is targeted solely at cases with significant suspicions … Read more
The newly introduced Income-Tax Bill 2025 has opted to retain the existing deadlines for Income Tax Return (ITR) filing, providing clarity and continuity for taxpayers across different categories. The definition of the due date remains the same, referring to the date by which a taxpayer must file their ITR in the financial year following the … 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
The newly introduced Income Tax Bill 2025 aims to simplify the existing provisions of the Income-Tax Act, of 1961. The provisions of the New Tax Regime outlined in Section 115BAC of the Income-Tax Act, 1961 will be moved to Section 202 in the new Income-Tax Bill 2025, effective from April 1, 2026. The bill includes … 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: Finance Minister Nirmala Sitharaman on Thursday tabled the much-awaited Income Tax Bill 2025, which would replace the 1961’s Income Tax Act. The bill restructures provisions by increasing the number of sections while reducing overall length, enhancing clarity and ease of interpretation. Experts noted that there has been a notable attempt to … 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