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 is scheduled to implement a new tax return processing change starting in April 2025. This update is designed to enhance accuracy and decrease discrepancies in filings. An adjustment to Section 143(1) of the Income Tax Act will empower tax authorities to compare a taxpayer’s most recent Income Tax Return (ITR) with … Read more
In a move to bolster the welfare of gig workers, the government is set to introduce a pension scheme requiring platform aggregators to contribute 2% of each worker’s income. This contribution will be deposited into the Employee Provident Fund Organisation (EPFO) account of each gig worker, ensuring additional financial security. The scheme is expected to … Read more
Finance Minister Nirmala Sitharaman has said that GST rates will come down further, with the process of rationalising tax slabs nearing completion. Speaking at The Economic Times Awards, she stated that the Revenue Neutral Rate (RNR) had already dropped from 15.8% in 2017 to 11.4% in 2023 and hinted at further reductions. “It will come … Read more
ITR filing 2025: The NDA government 3.0 introduced a major income tax relief for the salaried class in the Union Budget 2025. Union Minister for Finance and Corporate Affairs Nirmala Sitharaman announced that individuals will not have to pay any income tax on total earnings up to Rs 12 lakh. This translates to an average monthly … Read more
Union Finance Minister Nirmala Sitharaman. File photo | Photo Credit: ANI Union Finance Minister Nirmala Sitharaman on Tuesday (March 4, 2025) said that her government is committed to ensuring the timely implementation of all Budget announcements made for the year 2025-26. Click here for our full coverage on the Union Budget Speaking at a post-Budget … Read more
New Delhi: Finance minister Nirmala Sitharaman Saturday directed the Department of Expenditure to ensure that funding for all schemes and projects are routed through a single nodal agency from the next fiscal year and asked it to work with the Controller General of Accounts (CGA) for a smooth transition. Sitharaman suggested that the CGA examine … 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
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