Income Tax News

Tax Deductions for Political Donations: Individual Taxpayers Outpace Corporates

18 February 2025 at 08:34

The revenue impact of tax deductions availed by individual taxpayers for donations to political parties has witnessed a sharp surge post-Covid-19, surpassing corporate contributions in the two financial years leading up to the 2024 Lok Sabha election

Posted in Income Tax | 1629 Views

Income Tax Bill 2025 Aims to Simplify NRI Taxation, Provide Clarity

17 February 2025 at 07:42

The Income Tax Bill 2025 seeks to create a more transparent and efficient tax framework for Non-Resident Indians (NRIs) by addressing long-standing concerns and reducing litigation risks, according to tax experts.

Posted in Income Tax | 2052 Views

Income Tax Bill 2025: Capital Gains Tax Structure Unchanged, Language Simplified for Clarity

17 February 2025 at 07:37

The new Income Tax Bill 2025, tabled in Parliament recently, is being seen by taxation experts as a landmark reform aimed at modernizing and simplifying India's tax framework.

Posted in Income Tax | 5067 Views

New Income Tax Bill Retains Old Regime, Aims for Simpler Tax Laws

15 February 2025 at 07:32

The much-anticipated new Income Tax Bill has put an end to speculation regarding the abolition of the old tax regime, confirming that it will continue to coexist with the new regime.

Posted in Income Tax | 564 Views

New Income Tax Bill 2025 Retains Virtual Digital Asset Scope

15 February 2025 at 07:32

The new Income Tax Bill, 2025, introduced in Parliament by Finance Minister Nirmala Sitharaman on Thursday, has not altered the scope of "virtual digital assets" (VDAs) but has incorporated the definition proposed in the Finance Bill, 2025.

Posted in Income Tax | 693 Views

Income Tax Dept Launches Utility to Compare 1961 Act with Income Tax Bill 2025

15 February 2025 at 07:32

The Income Tax Department of India has introduced a new utility tool designed to assist taxpayers in navigating the transition from the existing Income-tax Act, 1961, to the proposed Income-tax Bill, 2025.

Posted in Income Tax | 2154 Views

Income Tax Bill 2025: Section 80C Deductions Shifted to Clause 123

15 February 2025 at 07:32

Finance Minister Nirmala Sitharaman introduced the new Income Tax Bill in the Lok Sabha on February 13, 2024, marking a major step towards overhauling India's tax laws.

Posted in Income Tax | 3114 Views

New Income Tax Bill Aims for Clarity and Simplification, Says FM Nirmala Sitharaman

15 February 2025 at 07:32

Finance Minister Nirmala Sitharaman on Thursday dismissed claims that the new Income Tax Bill is merely a mechanical revision of the existing law.

Posted in Income Tax | 261 Views

FM Sitharaman Rebuts Raghav Chadha on Tax Relief for Incomes Above Rs 12 Lakh

14 February 2025 at 10:15

Finance Minister Nirmala Sitharaman on Thursday countered Aam Aadmi Party (AAP) MP Raghav Chadha's criticism of the Union Budget 2024-25, dismissing his claim that the middle class is excessively taxed.

Posted in Income Tax | 1 comments | 3600 Views

CBDT Grants Tax Exemption to Punjab Real Estate Regulatory Authority Under Section 10(46A)

14 February 2025 at 08:48

CBDT under the Ministry of Finance, has issued Notification No. 16/2025 on February 12, 2025, granting tax exemption to the Real Estate Regulatory Authority (RERA), Punjab under Section 10(46A) of the Income-tax Act, 1961.

Posted in Income Tax | 471 Views