Indians have long had a confrontational relationship with the nation’s 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, India’s federal budget cut taxes for many middle-class Indians. It also…
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…
In Budget 2025, Finance Minister Nirmala Sitharaman announced that taxpayers with income upto â‚ą12 lakh do not need to pay any income tax. Aside from this, salaried taxpayers will be entitled to take an additional benefit of no tax by virtue of â‚ą75,000 standard deduction. Notably, these changes will come into effect from April 1 2025, which means…
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…
The income tax department has launched the utility to enable taxpayers to check the relevant provision of the new income tax Bill. The new income tax Bill was introduced in the Parliament on Thursday and it will now be referred to the Select Committee of Lok Sabha for further review. Meanwhile, the Lok Sabha proceedings…
The Income Tax Bill, 2025 has omitted the deduction for inter-corporate dividends for companies which opt for 22 per cent tax — permissible under the current legislation, reported Business Line. Under current law, a company can claim a deduction for dividends received from domestic or foreign companies, or from business trusts, when these dividends are…
The select committee of the Lok Sabha, which will examine the Income-Tax Bill, 2025, was constituted on Friday with BJP MP Baijayant Jay Panda appointed as chairman of the panel. The committee will have 31 MPs, including 17 from the ruling National Democratic Alliance. The NDA MPs consist of 14 from the BJP and one…
The Income Tax Act of 1961 has undergone innumerable amendments since its inception (4,000, as stated by the finance minister in Parliament). Historically, successive governments have used tax as an instrument to incentivize specific industries, promote investments in certain regions, or to encourage foreign exchange earnings. As a result, numerous provisions were added over the…
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 “ access codes” with…
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 and understand”. The…
