Income Tax News
New Income Tax Bill 2025 Clears Confusion on Rental Income, Home Loan Deductions
15 August 2025 at 07:50New Income Tax Bill 2025 confirms no change in rental income taxation or home loan deductions; clarifies pre-construction interest allowed for both self-occupied and let-out properties from April 1, 2026.
Govt Clarifies Rs 75,000 Standard Deduction Under New Tax Regime in Income Tax Bill 2025
15 August 2025 at 07:42Govt clarifies Rs 75,000 standard deduction for salaried taxpayers under new regime in Income Tax Bill 2025, effective April 1, 2026; also aligns tax benefits for UPS with NPS.
Finance Ministry to Broaden 'Computer System' Definition in New Income Tax Bill 2025
15 August 2025 at 07:18Finance Ministry to widen'computer system' definition in Income Tax Bill 2025; CBDT to issue SOP for handling digital data, ensuring stronger tax enforcement while protecting privacy.
Finance Ministry Issues Corrigendum to IT Bill, Clarifies Interest on Advance Tax Short-Payment
14 August 2025 at 09:10The Finance Ministry has corrected the Income-tax (No. 2) Bill, 2025, restoring the interest calculation for shortfall in advance tax payments to match the old Income-tax Act, 1961.
Net Direct Tax Collections Drop 3.95% YoY to Rs 6.64 Lakh Crore as of August 11
14 August 2025 at 08:56India's Net Direct Tax Revenue Falls to Rs 6.64 Lakh Crore, Down 3.95% from Last Year
New Income Tax Bill 2025 Simplifies Tax Law Without Changing Rates: FM Nirmala Sitharaman
14 August 2025 at 08:49Finance Minister Nirmala Sitharaman confirms in Rajya Sabha that the Income Tax Bill 2025 simplifies tax laws without altering rates, replacing the outdated 1961 Act to reduce complexity and litigation.
Revised Income Tax Bill Empowers Authorities to Access Digital Assets During Search Operations
14 August 2025 at 08:42The updated Income Tax Bill 2025 expands Section 132, granting tax officials controlled access to digital data including emails, crypto and cloud storage, during authorised search and seizure operations.
Income Tax Bill 2025: Full Tax Exemption on Commuted Pension for All Eligible Pensioners
14 August 2025 at 08:38The Income Tax Bill 2025 brings major relief to pensioners by exempting commuted pension from tax for both government and private sector investors in approved pension funds, effective April 2026.
Rajya Sabha Passes New Income Tax Bill 2025 by Voice Vote to Replace Six-Decade-Old Act
13 August 2025 at 09:35Parliament passes New Income Tax Bill 2025 and Taxation Laws (Amendment) Bill to modernise India's direct tax regime, replacing the Income Tax Act, 1961 with updated provisions for individuals and businesses.
Income Tax Bill 2025: Refunds for Belated Returns, House Property Deduction Clarified
13 August 2025 at 09:16Lok Sabha passed the Revised Income Tax Bill, 2025, clarifying tax refund eligibility for late-filers and standard deduction computation on house property, effective April 1, 2026.
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