Income Tax Bill 2025

I-T dept to limit access to digital, social media accounts only for specific search, survey; common taxpayers unaffected: Report

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I-T dept to limit access to digital, social media accounts only for specific search, survey; common taxpayers unaffected: Report

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

Income-Tax Bill 2025 keeps ITR filing dates unchanged for taxpayers for 2026-27

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Income-Tax Bill 2025 keeps ITR filing dates unchanged for taxpayers for 2026-27

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

Section 115BAC on New Tax Regime is Section 202 under Income Tax Bill 2025; check details 

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Section 115BAC on New Tax Regime is Section 202 under Income Tax Bill 2025; check details 

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: I-T department launches self-mapping tool to compare old act, new bill

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Income Tax Bill 2025: I-T department launches self-mapping tool to compare old act, new bill

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

Income Tax Bill 2025 drops inter-corporate dividends; what does this mean for companies

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Income Tax Bill 2025 drops inter-corporate dividends; what does this mean for companies

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: Here’s how taxation of agricultural income, farmland has been tweaked

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Income Tax Bill 2025: Here’s how taxation of agricultural income, farmland has been tweaked

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: Will your salary, income earned from April 2025 be taxed as per the Income Tax Act 1961 or new bill?

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Income Tax Bill 2025: Will your salary, income earned from April 2025 be taxed as per the Income Tax Act 1961 or new bill?

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

New Income Tax Bill 2025 to be tabled at 2 PM today: Key tax-related changes to expect

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New Income Tax Bill 2025 to be tabled at 2 PM today: Key tax-related changes to expect

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

New Income Tax Bill 2005 soon: Here are top points on taxpayers, tax deadlines, pension, investors, cryptos

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New Income Tax Bill 2005 soon: Here are top points on taxpayers, tax deadlines, pension, investors, cryptos

The Income Tax Bill of 2025, scheduled to be tabled in Parliament on Thursday, is expected to be a significant milestone in India’s tax framework as it is poised to replace the existing bill from 1961. Upon approval, the bill is expected to take effect on April 1, 2026. The objective of the new income … Read more