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What is Income tax

Income tax

About Income tax

What is Income tax

Income tax is a direct tax that a government levies on the income of its citizens. The Income Tax Act, 1961, mandates that the central government collect this tax. The government can change the income slabs and tax rates every year in its Union Budget. 
 
Income does not only mean money earned in the form of salary. It also includes income from house property, profits from business, gains from profession (such as bonus), capital gains income, and 'income from other sources'. The government also often provides certain leeway such that various deductions are made from an individual's income before the tax
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Latest Updates on Income tax

Gujarat govt presents Rs 3.70 trillion Budget, no new tax proposed

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

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Updated On : 20 Feb 2025 | 11:29 PM IST

Income Tax dept activates section-wise mapping of old I-T Act, new tax bill

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

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Updated On : 15 Feb 2025 | 1:23 PM IST

Baijayant Jay Panda to head 31-member select committee to examine I-T 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

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Updated On : 15 Feb 2025 | 6:57 AM IST

Select Committee of Lok Sabha to examine Income Tax Bill constituted

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

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Updated On : 14 Feb 2025 | 11:32 PM IST

TDS to capital gains tax: What impact new tax Bill will have on NRIs

NRIs who earn Rs 15 lakh or more annually in India will be classified as residents for tax purposes

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Updated On : 14 Feb 2025 | 5:48 PM IST

Best of BS Opinion: Creative policymaking needed to resolve knotty issues

Policymaking must find simpler ways of resolving seemingly complex problems: such an approach frees up economic agents for productive activity

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Updated On : 14 Feb 2025 | 6:15 AM IST

Income Tax Bill, 2025: A pivotal step towards making law accessible

The traditional style of drafting the law has led to enormous tax litigation over the past six decades

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Updated On : 13 Feb 2025 | 11:19 PM IST

Income-tax law: New layout, old provisions, but complexities remain

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

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Updated On : 13 Feb 2025 | 11:18 PM IST

New income-tax law: A case for simplification in language and format

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

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Updated On : 13 Feb 2025 | 11:06 PM IST

FM Nirmala Sitharaman introduces new Income-Tax Bill in Lok Sabha

FM urges Speaker Om Birla to constitute a select panel to examine the proposed law

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Updated On : 13 Feb 2025 | 11:02 PM IST

The new Income Tax Bill FAQs: I-T department answers key questions

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

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Updated On : 13 Feb 2025 | 8:14 PM IST

Govt lists Income-Tax Bill, 2025 for introduction in Lok Sabha on Feb 13

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

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Updated On : 12 Feb 2025 | 10:25 PM IST

Income Tax Bill 2025 to replace 1961 Act, introduces concept of 'tax year'

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

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Updated On : 12 Feb 2025 | 11:29 PM IST

Know how your property would be taxed under new Income Tax Bill 2025

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

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Updated On : 12 Feb 2025 | 4:09 PM IST

Income-Tax Bill, 2025 to be tabled in Parl: New tax slabs, reforms & more

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

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Updated On : 12 Feb 2025 | 1:18 PM IST

I-T dept launches calculator for information about new tax regime

Budget 2025 introduced tax exemption for individuals earning up to Rs 12 lakh in a financial year

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Updated On : 12 Feb 2025 | 10:52 AM IST

I-T return filings rise nearly 4% to 83.9 million in FY25: Govt data

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

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Updated On : 10 Feb 2025 | 8:56 PM IST

New income-tax law explained: No new taxes, simplified for common man

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

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Updated On : 07 Feb 2025 | 3:52 PM IST

After several steps to reduce direct tax disputes, govt takes another shot

Legislation to amend Income Tax Act, simplify language and procedures to reduce such disputes

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Updated On : 07 Feb 2025 | 12:08 PM IST

Markets Today: RBI MPC outcome; FIIs; M&M, ITC Q3; Chamunda IPO allotment

The Reserve Bank of India may cut the benchmark repo rate by 25 basis points to 6.25 per cent later in the day

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Updated On : 07 Feb 2025 | 7:25 AM IST