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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 With the new tax regime becoming increasingly prevalent and more common, taxpayers stand to lose their eligibility to claim most of the exemption and deductions offered under various provisions such as sections 80C, 80D, 80DD and 80G under the old tax regime. Nearly 73 percent of taxpayers have already opted for the new…
Source: Live Mint In 2023, new tax regime became a default regime which means the taxpayers must opt out of the new tax regime to be able to claim tax exemptions given under sections 80C, 80D and 80G, among others. The provision under section 80C enables taxpayers to claim deduction for investing in various financial…
Source: Live Mint India’s income tax law has recently undergone a major reform with a new Bill having been introduced in the Lok Sabha on Thursday and proposed to be reviewed by the select committee. The new Income Tax Bill aims to make the tax legislation simpler, concise and easy to read, so that there…
Source: Live Mint The income tax department has launched the utility to enable taxpayers to check the relevant provision of the new income tax Bill. The new income tax Bill was introduced in the Parliament on Thursday and it will now be referred to the Select Committee of Lok Sabha for further review. Meanwhile, the…
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,…
