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
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
The Centre is all set to introduce the new Income Tax Bill 2025 to replace the existing Income Tax Act of 1961. This significant tax reform is aimed at streamlining the complex tax filing process, albeit with stricter regulations, particularly concerning crypto assets and digital transactions. One of the key amendments in the bill is … Read more
Form 26AS is the annual tax statement that provides taxpayers access to the tax deduction/tax collection details and income. It contains comprehensive information related to salary income, business and professional receipts, interest income earned on bank deposits, etc along with the respective tax deduction/collection details. These details are generated based on returns of tax deductions/collected … Read more
As the world transitions from Web2 to a decentralized Web3, there seems to be a wide-spread conviction in the promise of virtual digital assets (VDAs). One of the most popular uses of VDAs is for investments and trading which was boosted by the rapid appreciation in their value experienced in 2021. Various surveys indicate that … Read more
Employers will have to pay 30% tax on virtual digital assets (VDAs) such as cryptocurrencies they offer to their employees as compensation or otherwise. This is among detailed clarifications the government is expected to issue this week on the tax on VDAs announced in the budget, officials told ET. The tax will be levied on … Read more