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Source: Live Mint On 13 February, finance minister Nirmala Sitharaman introduced the much-awaited bill to replace the existing Income-Tax Act, 1961. Among the changes proposed in the Income-Tax Bill, 2025, a significant one that cannot be overlooked is the extensive power granted to tax authorities to carry out searches of tax evaders. The bill has…
Source: Live Mint In India, taxpayers can choose between the old and new income tax regimes, each offering distinct benefits. However, this choice isn’t permanent and can be revisited annually. Whether you are a salaried employee or running a business, understanding how often you can switch between tax regimes is crucial for maximising your tax…
Source: Live Mint I have worked outside India for 12 years but I will be relocating back to India in April for a better employment opportunity at an MNC. I have one residential property in India from 2010 which I will sell and instead purchase a bigger one after I return. Approximately how much tax…
Source: Live Mint So, after you file an ITR, you get four years from the end of the assessment year to include any additional income in the updated ITR that you have missed reporting in the original tax return. Sounds like a good deal for voluntary compliance? It is, only until you realise it is…
Source: Live Mint The introduction of the Income Tax Bill 2025 in the Lok Sabha sparked concerns among taxpayers about their eligibility for refunds if they file their Income Tax Return (ITR) after the due date. Initial reports suggested that the new bill would prevent late filers from claiming refunds, marking a shift from the…
Source: Live Mint On February 13, Finance Minister Nirmala Sitharaman introduced the Simplified Income Tax Bill 2025 in the Lok Sabha. Once passed, the Bill will replace the 64-year-old Income Tax Act. The new Bill spans 2.6 lakh words and consists of 536 sections, with the number of chapters reduced to 23. The government has…
Source: Live Mint The Budget 2025 has become a beacon of hope for individual taxpayers amidst a global landscape marred by the threat of “retreating globalization,” and a domestic economy grappling with inflation and subdued growth. The Finance Minister (FM) has risen to the occasion, presenting a budget that not only addresses the pressing concerns…
Source: Live Mint The United Kingdom’s (UK) top 100 taxpayers list revealed that the number one taxpayer in the country is not amongst the top celebrities like Ed Sheeran or JK Rowling, it is someone know to former British Prime Minister Rishi Sunak, reported the news portal The Sunday Times (UK). According to the news…
Source: Live Mint Inspired by developed nations, this progressive tax system is designed to promote fairness by imposing incrementally higher tax rates on higher income brackets. For instance, an individual earning ₹5,00,000 pays tax at 5%, while someone with an income of ₹7,00,000 is taxed 5% on the first ₹5,00,000 and 20% on the additional…
Source: Live Mint Taxpayers must note that the deadline for filing a belated income tax return or submitting a revised return for the assessment year 2024-25 is fast approaching. The final date for submission is in one week, i.e., on January 15, 2025. Originally, the deadline was set for Dec 31, 2024. However, the Central…
