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
Union Finance Minister Nirmala Sitharaman speaks in the Rajya Sabha during the Budget session of Parliament, in New Delhi, Thursday, Feb. 13, 2025. | Photo Credit: PTI Food prices are expected to be under control in the coming year, going by advance estimates of crop output, but the government will keep monitoring prices and act … 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
Finance Minister Nirmala Sitharaman informed the Rajya Sabha on Tuesday that a reduction in goods and services tax (GST) can be expected. She stated that the GST Council is currently working on streamlining the rate slabs for Goods and Services Tax. Additionally, the finance minister highlighted that there has been a significant decrease in GST … Read more
Tax-Budget 2025: During the presentation of the Union Budget 2025-26 in Parliament on February 1, Saturday, Union Finance Minister Nirmala Sitharaman introduced several measures. One of the key proposals in the new tax regime is the complete exemption for individuals earning up to Rs 12 lakh annually. This move aims to provide relief to the middle-class … Read more
New Delhi: Finance secretary Tuhin Kanta Pandey on Thursday said that the new income tax bill, expected to be tabled in Parliament next week, will not add any new tax or compliance burden to taxpayers. “Let me assure you (in the income tax bill) there will be no extra tax on the taxpayers,” he said … 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
Tax savings tools: Finance Minister Nirmala Sitharaman announced several changes that brought cheer to the middle class. From raising the limit of rebate from Rs 7 lakh to Rs 12 lakh under the New Tax Regime (NTR), FM Sitharaman tweaked the tax slabs in a manner that would benefit taxpayers in higher salary brackets as … Read more
Union Finance Minister Nirmala Sitharaman on Monday attacked Congress MP Rahul Gandhi over his “stupid self-confidence.” Her remarks came just hours after the Leader of Opposition in Lok Sabha claimed that China “is sitting inside the country” due to the failure of the Make-In-India initiative. Congress MP and Leader of Opposition in Lok Sabha, Rahul … Read more
Income tax calculations: The Union Budget 2025 raised the income tax exemption threshold to Rs 12 lakh, effectively making incomes up to this amount tax-free. For salaried individuals, this limit increases to Rs 12.75 lakh after factoring in the standard deduction of Rs 75,000 under the new tax regime for FY 2025-26. This has become possible … Read more