[ad_1] New Delhi: Finance minister Nirmala Sitharaman on Tuesday said the new Income Tax Bill, currently under review by a select committee, will be taken up for discussion in the upcoming monsoon session of Parliament. Speaking in the Lok Sabha during a discussion of the Finance Bill, Sitharaman said the select committee has been mandated…
[ad_1] The Congress has alleged that the new Income Tax Bill, 2025, grants tax authorities sweeping powers to access taxpayers’ emails, social media, and bank accounts, raising privacy concerns and paving the way for India to become a surveillance state. Congress spokesperson Supriya Shrinate warned that this provision, which allows officials to override passwords and…
[ad_1] Indians have long had a confrontational relationship with the nationâs tax office, whose adversarial approach has crushed countless small businesses and international investors. This was meant to be the year the government fixed all that and repaired relations with taxpayers. A few weeks ago, Indiaâs federal budget cut taxes for many middle-class Indians. It…
[ad_1] 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 will be…
[ad_1] While Indiaâs new Income Tax Bill broadly deserves praise for attempting to simplify the law, one provision could ruffle feathers. It makes it a must for an assessee to share computer access codes during search and seizure operations and gives taxmen authority to access the taxpayerâs âvirtual digital space.” Also Read: Simplify, simplify, simplify:…
[ad_1] Its key proposals highlight the governmentâs commitment to ensure a transparent and business-friendly tax environment. A more concise and structured law: One of the most notable aspects of the Bill is its reduced volume. The legislation cuts the section count from 819 effective ones to 536, significantly reducing the word count by half. This…
[ad_1] A new income tax bill was finally placed before Indian lawmakers in Parliament on Thursday. This proposed law significantly cuts down the current legislationâs text, reduces its number of sections and tries to simplify its language. Also Read: Andy Mukherjee: India has slashed income tax but still needs to snip red tape Terms like…
[ad_1] 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 â access codesâ…
[ad_1] Finance minister Nirmala Sitharaman on Thursday defended the tax relief measures in the Budget, emphasizing that they primarily benefit middle-income earners. Responding to a debate in the Rajya Sabha, Sitharaman said a closer look at the tax proposals reveals that the maximum benefit applies to those earning up to âš12 lakh, tapering off as…
[ad_1] 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 622 pages…
