Income Tax News

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 | 2190 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 | 3228 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 | 303 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 | 3642 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 | 501 Views

Income Tax Bill 2025 Tabled in Parliament: Aims to Simplify IT Act, 1961

14 February 2025 at 08:32

Income-tax Bill, 2025, tabled in Parliament towards achieving comprehensive simplification of the Income-tax Act, 1961

Posted in Income Tax | 3015 Views

ITR Filings Surge to 83.9 Million in FY25, Up 4% from Last Year

13 February 2025 at 08:46

The total number of income tax returns (ITRs) filed in FY25 reached a record 83.9 million by December 31, 2024, marking a 4% increase from the previous year, according to government data.

Posted in Income Tax | 453 Views

Income Tax Bill 2025: Key Tax Reforms & New Rules Effective from April 2026

12 February 2025 at 12:39

The Indian government has introduced a new Income Tax Bill, replacing the Income Tax Act, 1961, which has undergone multiple amendments over the decades.

Posted in Income Tax | 2 comments | 8421 Views

Income Tax Department Launches New Tax Calculator as per Finance Bill 2025

12 February 2025 at 07:14

The Income Tax Department of India has introduced a new Section 115BAC Tax Calculator in line with the provisions of the Finance Bill 2025.

Posted in Income Tax | 4449 Views

CBDT Enhances Tax Compliance for Non-Residents: Form 49C Filing Rules Amended

12 February 2025 at 07:13

The Central Board of Direct Taxes (CBDT) has issued Notification No. 14/2025, amending the Income-tax Rules, 1962, to enhance compliance and reporting requirements for non-resident entities operating liaison offices in India.

Posted in Income Tax | 2886 Views