Desai informed the House that the budget outlay of Rs 3,70,250 crore for 2025-26 indicates an increase of Rs 37,785 crore, or 11.3 per cent, compared to the previous fiscal
In a post on X, the department on February 14 said it has activated the utility to check Section of the Income Tax Act, 1961, vis-a-vis corresponding clause of the new Income Tax Bill
The committee will have 31 MPs, including 17 from the ruling National Democratic Alliance, the NDA MPs include 14 from the BJP and one each from the TDP, JD(U), and the Shiv Sena
While introducing the Bill in the Lok Sabha on Thursday, Finance Minister Nirmala Sitharaman had urged Birla to refer the draft law to a Select Committee of the House
NRIs who earn Rs 15 lakh or more annually in India will be classified as residents for tax purposes
Policymaking must find simpler ways of resolving seemingly complex problems: such an approach frees up economic agents for productive activity
The traditional style of drafting the law has led to enormous tax litigation over the past six decades
Certain amendments on trust taxation are welcome. All classes of registered non-profit institutions such as public trusts, society, university/educational institutions have been identified
Over the years, several attempts have been made to reform Income Tax Act, the first being between 1986 and 1991, second in 1996, third in 2010 in the form of Direct Taxes Code (DTC), and then in 2017
FM urges Speaker Om Birla to constitute a select panel to examine the proposed law
The FAQ further said that while "no major policy-related changes" or tax rates changes have been made in the I-T Bill, "material" changes are being proposed in the existing law
The much-anticipated Bill will replace terminologies like assessment and previous year with easier to understand 'tax year' as part of move to simplify language while removing provisos and explanation
Deductions from salaries, such as standard deduction, gratuity, and leave encashment, have now been consolidated in one section instead of being scattered across various sections
In respect to a property or its part held as stock-in-trade and not let wholly or partly at any time during the tax year, the annual value shall be nil for two years from the end of the financial year
New tax bill to be presented tomorrow, Feb 13: If passed, it will replace the six-decade-old Income Tax Act of 1961. Here are the highlights of the new Income Tax Bill
Budget 2025 introduced tax exemption for individuals earning up to Rs 12 lakh in a financial year
To include more taxpayers within the income tax framework, the scope of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) has been broadened, Chaudhary said
Finance Secretary Tuhin Kanta Pandey has already indicated that the new Bill will not have provisos and explanations or long sentences. It will be tax neutral
Legislation to amend Income Tax Act, simplify language and procedures to reduce such disputes
The Reserve Bank of India may cut the benchmark repo rate by 25 basis points to 6.25 per cent later in the day