Budget 2025: New income tax Bill to be tabled in Parliament next week, says FM Nirmala Sitharaman
Key structural changes, such as adjustments to tax slabs, a rationalisation of deductions, and other incentives to spur ...
India’s tax laws set for a revamp: What is the new Income Tax Bill? How will it affect you?
Finance Minister Nirmala Sitharaman is set to introduce a new Income Tax Bill aimed at simplifying the six-decade-old tax ...
Tax-Union Budget 2025: Budget 2025 Live: New Income tax bill to be introduced next week, says FM Sitharaman
FM Sitharaman's speech last Budget hinted at this new tax law when she said the goal was to simplify the income tax laws and ...
‘Back to the Old Days’? What’s Wrong With Trump’s Plan to Abolish Income Tax
The likelihood of Trump eliminating income tax and the IRS remains low, but the ongoing debate highlights the need for tax ...
What Is the Tax Cuts and Jobs Act (TCJA)?
Tax Cuts and Jobs Act was a major tax code overhaul that cut taxes for individuals and businesses. Many of its reforms expire in 2025.
What Is Direct Tax Code And How It Is Different From Income Tax Act?
A set of new tax laws called the Direct Tax Code is likely to simplify compliance for taxpayers soon. Finance Minister ...
Is There New, 'Simpler' Income Tax Act In Budget 2025? What Sources Said
The Direct Tax Code - a new income tax bill meant to simplify compliance for individual taxpayers - will be introduced ...
Tax Guru2h
Budget 2025 extends Income Tax section 270AA Immunity Application Processing Time
Ans. Vide Finance Bill, 2025, the time-limit for processing application of the assessee under section 270AA has been increased from 1 month to 3 months from the end of the month in which application ...
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Budget 2025: FM Nirmala Sitharaman may propose new Income Tax Act. Key changes to expect
Budget 2025: Finance Minister Nirmala Sitharaman, in the Union Budget 2024, had proposed to revamp the Income Tax Act, 1961, to make it concise and easier to understand. It is expected that in the ...
Tax Guru2h
Clarification on Court Stay and Time Limits under Income Tax
As per existing provisions (Clause (ii) of Explanation 1) in section 153 of the Income Tax Act,1961 following period shall be excluded in computation of time limits in respective sections: – “the ...
New income tax Bill to be introduced in Parliament next week, says Nirmala Sitharaman
The proposed new income tax law follows from the earlier Budget announcement for 2024-25. In July 2024, Sitharaman had announced a comprehensive review of the Income-tax Act, 1961 to be completed in ...