Income Tax News

Govt Receives Over 60,000 Suggestions for Income Tax Bill 2025, Says FM Sitharaman

19 February 2025 at 08:51

In a major step towards tax reforms, Union Finance Minister Nirmala Sitharaman announced that the government has received more than 60,000 inputs from citizens for the upcoming Income Tax Bill, 2025.

Posted in Income Tax | 1869 Views

CBDT Extends Due Date for Filing Form No. 56F for AY 2024-25

19 February 2025 at 08:48

The Central Board of Direct Taxes (CBDT) has issued Circular No. 02/2025, extending the due date for filing Form No. 56F under the Income-tax Act, 1961.

Posted in Income Tax | 2994 Views

Income Tax Bill 2025: IT Department Clarifies If Late ITR Filers Can Still Get Refunds

19 February 2025 at 08:36

The recently introduced Income Tax Bill, 2025, in the Lok Sabha has sparked concerns among taxpayers regarding their eligibility for income tax refunds if they file their Income Tax Return (ITR) after the due date.

Posted in Income Tax | 5274 Views

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 | 1725 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 | 5223 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 | 2148 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 | 843 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 | 702 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 | 2226 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 | 3324 Views