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Source: Live Mint On February 13, Finance Minister Nirmala Sitharaman introduced the Simplified Income Tax Bill 2025 in the Lok Sabha. Once passed, the Bill will replace the 64-year-old Income Tax Act. The new Bill spans 2.6 lakh words and consists of 536 sections, with the number of chapters reduced to 23. The government has…
Source: Live Mint The new income tax bill, 2025, has transferred section 80C tax saving deductions to clause 123, in Chapter VIII in it with an intention of bringing ease and decluttering the tax structure. This has been detailed in the bill tabled by the Finance Minister of India in the Parliament on February 13,…
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 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 Finance Minister Nirmala Sitharaman to introduce Income-Tax Bill 2025 in Lok Sabha on February 13 Mint Image Finance Minister Nirmala Sitharaman to introduce Income-Tax Bill 2025 in Lok Sabha on February 13, according to the official data released on February 12. First Published:12 Feb 2025, 07:56 PM IST Read Full Article
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,…
