Quick Summary
The Union Government has renamed Personal Income Tax as Non-Corporate Tax, starting from the FY 2025-26, clarifying that the category covers taxes collected from all entities other than companies. The information was shared in the Rajya Sabha by Pankaj Chaudhary, Minister of State for Finance. The
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
BEST VALUE
2 Years PLAN
3499
(Excl. of GST ₹629)
3 Months PLAN
999
(Excl. of GST ₹179)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
Personal Income Tax is being renamed to Non-Corporate Tax.
The renaming will take effect from the financial year 2025-26.
The Non-Corporate Tax category includes taxes from individuals, Hindu Undivided Families (HUFs), partnership firms, Associations of Persons (AoPs), Bodies of Individuals (BoIs), local authorities, and artificial juridical persons.
Non-Corporate Tax collections reached Rs 12.35 lakh crore in FY 2024-25.
No, the government has clarified that there is currently no proposal to increase corporate tax rates or reduce the income tax burden on individuals.
CAclubindia
