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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 Finance Minister Nirmala Sitharaman introduced the Income Tax Bill 2025 in the Lok Sabha on Thursday, 13 February. The much-anticipated new Bill will replace terminology like assessment and the previous year with the easier-to-understand ‘tax year’ as part of a move to simplify language while removing provisos and explanations. The bill is…
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 The New Income Tax Law is set to become a reality soon. Union Finance Minister Nirmala Sitharaman will table the new legislation in Parliament on Thursday . Upon accesssing the first draft of the bill, we have realised that this is quite in line with what is being expected from it. It…
Source: Live Mint The New Income Tax Bill, set to be presented in Parliament on Thursday, February 13, will span over 622 pages and aims to replace the six-decade-old Income Tax Act of 1961. Once passed, the proposed legislation will be called the Income Tax Act, 2025, and is expected to take effect in April…
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 Income Tax Bill News LIVE: The Union Cabinet has approved the new Income Tax Bill on Friday, February 7, potentially leading to its introduction in the Lok Sabha early next week. This bill is part of a larger effort to reform the tax system and aims to overhaul the existing tax structure…
