Income Tax News
Govt Receives Over 60,000 Suggestions for Income Tax Bill 2025, Says FM Sitharaman
19 February 2025 at 08:51In a major step towards tax reforms, Union Finance Minister Nirmala Sitharaman announced that the government has received more than 60,000 inputs from citizens for the upcoming Income Tax Bill, 2025.
CBDT Extends Due Date for Filing Form No. 56F for AY 2024-25
19 February 2025 at 08:48The Central Board of Direct Taxes (CBDT) has issued Circular No. 02/2025, extending the due date for filing Form No. 56F under the Income-tax Act, 1961.
Income Tax Bill 2025: IT Department Clarifies If Late ITR Filers Can Still Get Refunds
19 February 2025 at 08:36The recently introduced Income Tax Bill, 2025, in the Lok Sabha has sparked concerns among taxpayers regarding their eligibility for income tax refunds if they file their Income Tax Return (ITR) after the due date.
Tax Deductions for Political Donations: Individual Taxpayers Outpace Corporates
18 February 2025 at 08:34The revenue impact of tax deductions availed by individual taxpayers for donations to political parties has witnessed a sharp surge post-Covid-19, surpassing corporate contributions in the two financial years leading up to the 2024 Lok Sabha election
Income Tax Bill 2025 Aims to Simplify NRI Taxation, Provide Clarity
17 February 2025 at 07:42The 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.
Income Tax Bill 2025: Capital Gains Tax Structure Unchanged, Language Simplified for Clarity
17 February 2025 at 07:37The new Income Tax Bill 2025, tabled in Parliament recently, is being seen by taxation experts as a landmark reform aimed at modernizing and simplifying India's tax framework.
New Income Tax Bill Retains Old Regime, Aims for Simpler Tax Laws
15 February 2025 at 07:32The 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.
New Income Tax Bill 2025 Retains Virtual Digital Asset Scope
15 February 2025 at 07:32The 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.
Income Tax Dept Launches Utility to Compare 1961 Act with Income Tax Bill 2025
15 February 2025 at 07:32The 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.
Income Tax Bill 2025: Section 80C Deductions Shifted to Clause 123
15 February 2025 at 07:32Finance 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.
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