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
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
Tax calculations: The Centre has once again aimed to enhance the appeal of the New Tax Regime by introducing lower tax rates and reducing deductions. This restructuring aims to simplify taxation, while the Old Regime continues to provide tax benefits through various exemptions and deductions. The proposed income tax slabs in the Union Budget 2025 … Read more
New Delhi: The proposed new income tax law will be “user-friendly” and easy to comprehend, without redundant provisions of the six-decade old Act, said Central Board of Direct Taxes (CBDT) chairman Ravi Agrawal. In an interview to ET on Sunday, a day after finance minister Nirmala Sitharaman announced the new legislation in her budget speech, … Read more
Chartered accountants V. Bhagyateja and Gopi Devarakonda at a meeting organised on the Union Budget in Tirupati on Sunday. PRSI president K. Srinivasa Rao and Secretary D. Chandramohan are seen. | Photo Credit: K.V. Poornachandra Kumar Speakers at the ‘Discussion on annual budget 2025’ organised by the Tirupati chapter of Public Relations Society of India … Read more
An alternative tax regime was introduced by the Union Budget 2020 (“New Tax Regime”). Since then, India has two taxation regimes for individuals. The Government intends to make ‘New Tax Regime’ more and more lucrative to individuals which is evident from the Budgetary proposals over the years. The main tax regime (as existing prior to introduction … Read more
This budget is more than a declaration of intent-it’s one with heart, mind, and soul that drives India forward with purpose. It’s anchored by four key engines-consumption, investment, simplification, and innovation-each aimed at driving inclusive development. The budget packs in more proposals and greater diversity than ever before, with a simplified tax regime, which can … Read more
Finance Minister Nirmala Sitharaman today stated that the income tax rebate announced in the Budget will benefit the Indian economy. “The rebate on income has gradually increased from ₹2.5 lakh to ₹5 lakh per annum. Now, the government has decided that if someone earns ₹1 lakh per month, they will receive a tax rebate. This … Read more
Budget expectations: On February 1, 2025, Union Budget will be presented by Finance Minister Nirmala Sitharaman at the Lok Sabha. Income taxpayers are expecting significant tax breaks. The taxpayers may expect some big changes as PM Narendra Modi and President Draupadi Murmu hinted at some major shakeup. Ahead of the Budget 2025, President Draupadi Murmu suggested … Read more
Budget 2025: Union Finance Minister Nirmala Sitharaman is scheduled to deliver her eighth Union Budget on February 1, 2025. Throughout her tenure, FM Sitharaman has implemented significant reforms in a bid to benefit taxpayers, corporate entities, farmers, and other sectors. The forthcoming Union Budget is expected to introduce measures to boost dwindling economic growth and … Read more