Income Tax News

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 | 354 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 | 3702 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 | 558 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 | 3126 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 | 525 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 | 8481 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 | 4506 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 | 2976 Views

CBDT Grants Tax Exemption to Bhaikaka University for Scientific Research u/s 35(1)(ii) of IT Act 1961

12 February 2025 at 07:13

The Central Board of Direct Taxes (CBDT) has granted approval to Bhaikaka University, Anand, Gujarat, for tax exemption under Section 35(1)(ii) of the Income-tax Act, 1961.

Posted in Income Tax | 279 Views

New Income Tax Bill to Simplify Tax Laws & Improve Compliance: Set for Parliamentary Review

11 February 2025 at 08:58

The government is set to introduce a new Income Tax Bill aimed at simplifying tax laws, reducing compliance burdens, and modernizing tax administration. Union Finance Minister Nirmala Sitharaman is expected to present the bill this week, after which

Posted in Income Tax | 3549 Views