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 Finance Minister was…
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 is less litigation…
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 to simplify the…
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 Parliament this week….
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 income tax law?…
Income Tax Budget: âThe important question is, what happens if we don’t have a salary?â Congress MP Shashi Tharoor commented on the new income tax proposal announced by Finance Minister Nirmala Sitharaman during the Budget 2025 speech on Saturday. FM Sitharaman announced the abolition of income tax until âš12 lakh under the new tax regime….
As you must be aware that Income Tax (I-T) law is currently being reviewed. During the Budget speech last year, Finance Minister Nirmala Sitharaman said that the tax law is being reexamined. The goal, she emphasised, is to make the legislation easy to read and understand. âThe purpose is to make the Act concise, lucid,…
