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Source: Live Mint Union Finance Minister Nirmala Sitharaman on Feb 13 tabled the new Income Tax Bill in the Parliament. This was a landmark move as the entire 64-year-old income tax law was overhauled and the older complex provisions were made simpler and lucid amid much fanfare. One of the key arguments given by the…
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 New Income Tax Bill 2025: The simplified Income Tax Bill, half the size of the 1961 Income Tax Act, seeks to achieve tax certainty by minimising the scope of litigation and fresh interpretation, said the Income Tax (I-T) department on Thursday, February 13. According to the I-T department, the tax bill aims…
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 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 An important piece of law – encapsulating 298 sections – which determines the major sources of income for the fifth largest economy in the world was passed in 1961. In the next 64 years, the Income Tax Act has undergone a flurry of changes almost every year. From tweaks in the tax rates…
Source: Live Mint The highlight was that the aspirations and expectations of the middle-class, finally got an earnest ear. In her Budget speech, Finance Minister Nirmala Sitharaman repeatedly underscored the role of the middle class in nation-building, mentioning the term “middle-class” at least ten times, highlighting their energy and contribution to the economy. The proposed…
Source: Live Mint With Budget 2025 behind us, the focus now shifts to the next market trigger—the Reserve Bank of India’s Monetary Policy Committee (MPC) meeting, scheduled for February 5-7. The Union Budget 2024 offered a big relief to the Indian middle class by tweaking tax rates. Finance Minister Nirmala Sitharaman announced making income up…
Source: Live Mint As you must be aware that Income Tax (I-T) law is currently being reviewed. During the Budget speech last year, Finance Minister Nirmala Sitharaman said that the tax law is being reexamined. The goal, she emphasised, is to make the legislation easy to read and understand. “The purpose is to make the…
