Page 8 - Latest Updates on Income tax
Income Tax Bill: Lok Sabha panel weighs expanding 'accountant' definition
The Institute of Chartered Accountants of India (ICAI), which briefed the panel at its first meeting on March 6, has opposed any changes to the definition
 "Income Tax Bill: Lok Sabha panel weighs expanding 'accountant' definition")
I-T Bill may not impact revenue collection: MoS finance Pankaj Chaudhary
The Bill retains existing technological reforms, including initiatives such as pre-filled income tax returns (ITRs), the Annual Information Statement, and faceless proceedings
 "I-T Bill may not impact revenue collection: MoS finance Pankaj Chaudhary")
March 31 deadline: Invest in tax saving instruments to claim deduction
If you have chosen the old tax regime, ensure that your tax-saving investments under Sections 80C, 80D, 80G, and others are made before March 31 to maximise tax benefits
 "March 31 deadline: Invest in tax saving instruments to claim deduction")
Social media accounts accessed only in search, survey ops: I-T official
The official rejected claims made in some reports and opinion pieces that the tax authorities have been granted additional powers to breach the passwords of electronic records, including email
 "Social media accounts accessed only in search, survey ops: I-T official")
Over 30k taxpayers declare foreign assets worth ₹29k cr in CBDT's campaign
24,678 taxpayers reviewed their ITRs and 5,483 taxpayers filed belated returns for AY 2024-25, declaring foreign assets worth Rs 29,208 crore and additional foreign income of Rs 1,089.88 crore
 "Over 30k taxpayers declare foreign assets worth ₹29k cr in CBDT's campaign")
I-T notices: High-value expenses must sync with bank withdrawals, e-txn
Tax experts say that when declared income is high but bank withdrawals are minimal, it raises concerns about unreported cash transactions
 "I-T notices: High-value expenses must sync with bank withdrawals, e-txn")
How many times a taxpayer is allowed to switch between old & new tax regime
Salaried taxpayers with non-business income can switch between tax regimes yearly. Those with business income who opt out of the new regime cannot re-enter later
 "How many times a taxpayer is allowed to switch between old & new tax regime")
Govt may ease norms to allow 2-month window for ITC on credit notes
Move would give taxpayers flexibility and preclude a financial burden
 "Govt may ease norms to allow 2-month window for ITC on credit notes")
CBDT amends norms, mandates detailed income disclosures for business trusts
For tax purposes, business trusts such as REITs, InvITs, and certain AIFs get pass-through status and are not taxed on the income earned by them
 "CBDT amends norms, mandates detailed income disclosures for business trusts")
Income-Tax Bill 2025: File tax return by due date to be eligible for refund
Deductions related to salary, including standard deduction and leave encashment, are now grouped under a single clause
 "Income-Tax Bill 2025: File tax return by due date to be eligible for refund")
Parliamentary panel examining Income Tax Bill holds first meeting
The Bill seeks to replace terminologies such as assessment year and previous year with the easier-to-understand tax year as part of a move to simplify language while removing provisos and explanations
 "Parliamentary panel examining Income Tax Bill holds first meeting")
Gujarat govt presents Rs 3.70 trillion Budget, no new tax proposed
Desai informed the House that the budget outlay of Rs 3,70,250 crore for 2025-26 indicates an increase of Rs 37,785 crore, or 11.3 per cent, compared to the previous fiscal
 "Gujarat govt presents Rs 3.70 trillion Budget, no new tax proposed")
Income Tax dept activates section-wise mapping of old I-T Act, new tax bill
In a post on X, the department on February 14 said it has activated the utility to check Section of the Income Tax Act, 1961, vis-a-vis corresponding clause of the new Income Tax Bill
 "Income Tax dept activates section-wise mapping of old I-T Act, new tax bill")
Baijayant Jay Panda to head 31-member select committee to examine I-T Bill
The committee will have 31 MPs, including 17 from the ruling National Democratic Alliance, the NDA MPs include 14 from the BJP and one each from the TDP, JD(U), and the Shiv Sena
 "Baijayant Jay Panda to head 31-member select committee to examine I-T Bill")
Select Committee of Lok Sabha to examine Income Tax Bill constituted
While introducing the Bill in the Lok Sabha on Thursday, Finance Minister Nirmala Sitharaman had urged Birla to refer the draft law to a Select Committee of the House
 "Select Committee of Lok Sabha to examine Income Tax Bill constituted")
TDS to capital gains tax: What impact new tax Bill will have on NRIs
NRIs who earn Rs 15 lakh or more annually in India will be classified as residents for tax purposes
 "TDS to capital gains tax: What impact new tax Bill will have on NRIs")
Income Tax Bill, 2025: A pivotal step towards making law accessible
The traditional style of drafting the law has led to enormous tax litigation over the past six decades
 "Income Tax Bill, 2025: A pivotal step towards making law accessible")
Income-tax law: New layout, old provisions, but complexities remain
Certain amendments on trust taxation are welcome. All classes of registered non-profit institutions such as public trusts, society, university/educational institutions have been identified
 "Income-tax law: New layout, old provisions, but complexities remain")
New income-tax law: A case for simplification in language and format
Over the years, several attempts have been made to reform Income Tax Act, the first being between 1986 and 1991, second in 1996, third in 2010 in the form of Direct Taxes Code (DTC), and then in 2017
 "New income-tax law: A case for simplification in language and format")
FM Nirmala Sitharaman introduces new Income-Tax Bill in Lok Sabha
FM urges Speaker Om Birla to constitute a select panel to examine the proposed law
 "FM Nirmala Sitharaman introduces new Income-Tax Bill in Lok Sabha")