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Source: Live Mint Starting April next year, when the new income tax law comes into force, income tax officials could get the authority to access your social media accounts and emails. The new income tax bill’s clause 247 states that an authorised income tax officer will have the power to gain access by overriding the…
Source: Live Mint Former Infosys CFO Mohandas Pai on Wednesday said income tax officers being able to access a taxpayer’s social media account and email starting the next financial year 2026-27, is an “assault on our rights.” The ex-Infosys top official shared a news report on the matter and said the government should provide taxpayers…
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 In Budget 2025, Finance Minister Nirmala Sitharaman announced that taxpayers with income upto ₹12 lakh do not need to pay any income tax. Aside from this, salaried taxpayers will be entitled to take an additional benefit of no tax by virtue of ₹75,000 standard deduction. Notably, these changes will come into effect from April 1…
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 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 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 The bill is culmination of amendments incorporated in successive budgets since the idea of a Direct Tax Code 2010 was floated in 2009. It aims to maintain relative stability in the well understood provisions of existing income-tax law while simplifying it after a comprehensive review making it “concise, lucid, easy to read…
