The Income Tax Department has released the Excel utility of ITR-6 for Assessment Year (AY) 2025-26, enabling companies to file their income tax returns for the relevant financial year.
New Income Tax Bill 2025 confirms no change in rental income taxation or home loan deductions; clarifies pre-construction interest allowed for both self-occupied and let-out properties from April 1, 2026.
Govt clarifies Rs 75,000 standard deduction for salaried taxpayers under new regime in Income Tax Bill 2025, effective April 1, 2026; also aligns tax benefits for UPS with NPS.
Finance Ministry to widen'computer system' definition in Income Tax Bill 2025; CBDT to issue SOP for handling digital data, ensuring stronger tax enforcement while protecting privacy.
The Finance Ministry has corrected the Income-tax (No. 2) Bill, 2025, restoring the interest calculation for shortfall in advance tax payments to match the old Income-tax Act, 1961.
India's Net Direct Tax Revenue Falls to Rs 6.64 Lakh Crore, Down 3.95% from Last Year
Finance Minister Nirmala Sitharaman confirms in Rajya Sabha that the Income Tax Bill 2025 simplifies tax laws without altering rates, replacing the outdated 1961 Act to reduce complexity and litigation.
The updated Income Tax Bill 2025 expands Section 132, granting tax officials controlled access to digital data including emails, crypto and cloud storage, during authorised search and seizure operations.
The Income Tax Bill 2025 brings major relief to pensioners by exempting commuted pension from tax for both government and private sector investors in approved pension funds, effective April 2026.
Parliament passes New Income Tax Bill 2025 and Taxation Laws (Amendment) Bill to modernise India's direct tax regime, replacing the Income Tax Act, 1961 with updated provisions for individuals and businesses.
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