CAclubindia News

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 | 2151 Views

GST Council Mulls Tax Rate Cuts, Considers Eliminating 12% Slab to Boost Consumption

17 February 2025 at 07:37

The Goods and Services Tax (GST) Council is reportedly considering a reduction in tax rates on select items to stimulate consumption while maintaining revenue stability, according to a report citing sources familiar with the discussions.

Posted in GST | 723 Views

28% GST Impact: Dream11 CEO Warns of Massive Shutdowns in Online Gaming Sector

17 February 2025 at 07:42

The Indian online gaming industry is at a critical juncture, with Dream11 co-founder and CEO raising concerns over the government's retrospective GST demands exceeding ₹1.1 lakh crore.

Posted in GST | 1572 Views

GSTN Introduces Form ENR-03 for Enrolment of Unregistered Dealers on E-Way Bill Portal

17 February 2025 at 07:36

In a move to streamline the e-Way Bill (EWB) system, the Goods and Services Tax Network (GSTN) has introduced Form ENR-03, enabling unregistered dealers and persons to enrol and generate e-Way Bills.

Posted in GST | 2061 Views

CBIC Issues Clarifications on GST Rates and Classifications Following 55th GST Council Meeting

15 February 2025 at 07:58

CBIC has issued Circular No. 247/04/2025-GST dated February 14, 2025, clarifying GST rates and classifications based on the recommendations of the 55th GST Council meeting held on December 21, 2024

Posted in GST | 1191 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 | 849 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 | 708 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 | 2229 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 | 3327 Views