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Source: Live Mint On 13 February, finance minister Nirmala Sitharaman introduced the much-awaited bill to replace the existing Income-Tax Act, 1961. Among the changes proposed in the Income-Tax Bill, 2025, a significant one that cannot be overlooked is the extensive power granted to tax authorities to carry out searches of tax evaders. The bill has…
Source: Live Mint I have worked outside India for 12 years but I will be relocating back to India in April for a better employment opportunity at an MNC. I have one residential property in India from 2010 which I will sell and instead purchase a bigger one after I return. Approximately how much tax…
Source: Live Mint I read online that to claim a tax refund under the proposed Income Tax law, the income tax return needs to be filed within the original given due date. If it is not filed within that date, a refund cannot be claimed even if the income tax return is filed on a…
Source: Live Mint New Income Tax Bill: Finance Minister Nirmala Sitharaman tabled the long-awaited bill for the new tax code in the Lok Sabha on Thursday, February 13. While the new bill is a significantly shorter version of the Income Tax Act of 1961, it mandates that assessees would have to share their computer “…
Source: Live Mint Income Tax Bill 2025: Finance Minister Nirmala Sitharaman tabled the new direct tax code or the Income Tax Bill 2025 in Lok Sabha on Thursday. The Income Tax Bill, 2025, will now be referred to Select Committee of Lok Sabha for further review. The Lok Sabha proceedings have been adjourned till March…
Source: Live Mint Finance Minister Nirmala Sitharaman introduced the Income Tax Bill 2025 in the Lok Sabha on Thursday, 13 February. The much-anticipated new Bill will replace terminology like assessment and the previous year with the easier-to-understand ‘tax year’ as part of a move to simplify language while removing provisos and explanations. The bill is…
Source: Live Mint Amid the new Income Tax Bill 2025, we answer several FAQs on tax slabs, the old vs. new regime, the new income tax rules, exemption limits, and more. Also Read | New Income Tax Bill 2025 LIVE Updates: Amendments, updates — what to expect What is the new income tax rule? The…
Source: Live Mint The “crisper and simplified” new Income Tax Bill 2025 has replaced the term ‘previous year’ from the 60-year-old Income Tax Act, 1961, with ‘tax year’ and done away with the concept of ‘assessment year’, a PTI report noted. The new I-T Bill, with 536 sections, and 23 chapters running into 622 pages,…
Source: Live Mint The New Income Tax Bill, set to be presented in Parliament on Thursday, February 13, will span over 622 pages and aims to replace the six-decade-old Income Tax Act of 1961. Once passed, the proposed legislation will be called the Income Tax Act, 2025, and is expected to take effect in April…
Source: Live Mint Income Tax Bill News LIVE: The Union Cabinet has approved the new Income Tax Bill on Friday, February 7, potentially leading to its introduction in the Lok Sabha early next week. This bill is part of a larger effort to reform the tax system and aims to overhaul the existing tax structure…
