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…
A new income tax bill was finally placed before Indian lawmakers in Parliament on Thursday. This proposed law significantly cuts down the current legislation’s 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 “assessment…
Union Finance Minister Nirmala Sitharaman speaks in the Rajya Sabha during the Budget session of Parliament, in New Delhi, Thursday, Feb. 13, 2025. | Photo Credit: PTI Food prices are expected to be under control in the coming year, going by advance estimates of crop output, but the government will keep monitoring prices and act…
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 ₹12 lakh, tapering off as incomes…
BJP Lok Sabha MP Tejasvi Surya commended the new Income Tax Bill on Thursday, highlighting that the legislation will simplify the lives of Indian taxpayers. Also Read: New Income Tax Bill 2025 LIVE Updates: Parliament adjourned. FM Nirmala Sitharaman will introduce new I-T Bill at 2 pm In an interview with ANI, the MP from…
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 2026. Experts have…
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….
In 2023, the finance ministry formed the committee led by the late economist Bibek Debroy to assess infrastructure parameters and develop a financing framework. The panel conducted extensive stakeholder consultations before finalizing its recommendations, one of the two people cited above said on the condition of anonymity. The committee has already submitted the first part…
Congress leader Priyanka Gandhi took a dig at Finance Minister Nirmala Sitharaman for saying that “there is no inflation, there is no rise in unemployment” during her speech in the Lok Sabha on Tuesday, February 9. “I don’t know which planet she is living in. She is saying there is no inflation, there is no…
Prime Minister Narendra Modi’s National Democratic Alliance (NDA) listed at least 16 bills for the Budget Session of Parliament, which began on January 31. The ‘Immigration and Foreigners Bill’ is among the three new bills listed by the Modi government for the session. The other two are ‘The Protection of Interests in Aircraft Objects Bill’…
