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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…
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 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,…
