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Source: Live Mint The Income Tax Bill, 2025 has omitted the deduction for inter-corporate dividends for companies which opt for 22 per cent tax — permissible under the current legislation, reported Business Line. Under current law, a company can claim a deduction for dividends received from domestic or foreign companies, or from business trusts, when…
Source: Live Mint Union Minister Finance Minister Nirmala Sitharaman presented the new Income Tax Bill 2025 in the Lok Sabha on Thursday, February 2025. The proposed bill aims to eliminate intricate language in the existing Act, remove redundant and repetitive provisions, and logically reorganise sections, according to the Finance Ministry. FM Nirmala Sitharaman urged Lok…
Source: Live Mint Union Finance Minister Nirmala Sitharaman is likely to present the new income tax bill in the Parliament on Thursday. The bill is already being circulated on social media and is getting reactions galore from the taxpayers and experts alike. However, it is noteworthy that the current Bill is expected to undergo a lot…
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 New Income Tax Bill 2025 LIVE Updates: The new Income-Tax (I-T) Bill, announced by Finance Minister Nirmala Sitharaman during her Budget speech on February 1, is likely to be tabled in the Lok Sabha on Thursday, as per reports. Approved by the Union Cabinet on February 7, the bill was expected in…
Source: Live Mint After receiving the cabinet nod last week, new income tax law is set to be tabled in the Parliament this week in the ongoing budget session. This is seen as a historic bill which will replace the current legislation which was enacted way back in 1961. Why is there a need for the new…
Source: Live Mint The recently announced budget introduced significant personal finance changes impacting taxpayers and investors. One of the key updates involved Unit Linked Insurance Plans (ULIPs). It has been clarified by the Finance Ministry that if the annual premium exceeds ₹2.5 lakhs the redemption becomes subject to capital gains tax. ULIPs that are held for…
Source: Live Mint The new tax regime became a default regime in 2023 but Budget 2025 introduced a higher incentive for taxpayers by allowing zero tax for income upto ₹12 lakh, following which there is an expectation that around 90 percent of taxpayers will opt for it over old tax regime. However, one collateral damage of this…
Source: Live Mint I have gifted some money to my daughter when she turned 16. We both are residents. I have set up her custodial account in US for investment in Nasdaq-listed stocks from this gifted money. I would like to understand the potential tax implications in India on this. -Name withheld on request As…
