Page 9 - Latest Updates on Income tax
Best of BS Opinion: Creative policymaking needed to resolve knotty issues
Policymaking must find simpler ways of resolving seemingly complex problems: such an approach frees up economic agents for productive activity
 "Best of BS Opinion: Creative policymaking needed to resolve knotty issues")
The new Income Tax Bill FAQs: I-T department answers key questions
The FAQ further said that while "no major policy-related changes" or tax rates changes have been made in the I-T Bill, "material" changes are being proposed in the existing law
 "The new Income Tax Bill FAQs: I-T department answers key questions")
Income Tax Bill 2025 to replace 1961 Act, introduces concept of 'tax year'
Deductions from salaries, such as standard deduction, gratuity, and leave encashment, have now been consolidated in one section instead of being scattered across various sections
Govt lists Income-Tax Bill, 2025 for introduction in Lok Sabha on Feb 13
The much-anticipated Bill will replace terminologies like assessment and previous year with easier to understand 'tax year' as part of move to simplify language while removing provisos and explanation
 "Govt lists Income-Tax Bill, 2025 for introduction in Lok Sabha on Feb 13")
Know how your property would be taxed under new Income Tax Bill 2025
In respect to a property or its part held as stock-in-trade and not let wholly or partly at any time during the tax year, the annual value shall be nil for two years from the end of the financial year
 "Know how your property would be taxed under new Income Tax Bill 2025")
Income-Tax Bill, 2025 to be tabled in Parl: New tax slabs, reforms & more
New tax bill to be presented tomorrow, Feb 13: If passed, it will replace the six-decade-old Income Tax Act of 1961. Here are the highlights of the new Income Tax Bill
 "Income-Tax Bill, 2025 to be tabled in Parl: New tax slabs, reforms & more")
I-T dept launches calculator for information about new tax regime
Budget 2025 introduced tax exemption for individuals earning up to Rs 12 lakh in a financial year
I-T return filings rise nearly 4% to 83.9 million in FY25: Govt data
To include more taxpayers within the income tax framework, the scope of Tax Deducted at Source (TDS) and Tax Collected at Source (TCS) has been broadened, Chaudhary said
 "I-T return filings rise nearly 4% to 83.9 million in FY25: Govt data")
New income-tax law explained: No new taxes, simplified for common man
Finance Secretary Tuhin Kanta Pandey has already indicated that the new Bill will not have provisos and explanations or long sentences. It will be tax neutral
 "New income-tax law explained: No new taxes, simplified for common man")
After several steps to reduce direct tax disputes, govt takes another shot
Legislation to amend Income Tax Act, simplify language and procedures to reduce such disputes
 "After several steps to reduce direct tax disputes, govt takes another shot")
Markets Today: RBI MPC outcome; FIIs; M&M, ITC Q3; Chamunda IPO allotment
The Reserve Bank of India may cut the benchmark repo rate by 25 basis points to 6.25 per cent later in the day
 "Markets Today: RBI MPC outcome; FIIs; M&M, ITC Q3; Chamunda IPO allotment")
New I-T bill not to have provisos; may come up in Cabinet on Friday
The new bill, which will replace the six-decade-old Income Tax Act, is likely to be discussed at the Cabinet meeting on Friday, sources said
 "New I-T bill not to have provisos; may come up in Cabinet on Friday")
No tax on income up to Rs 12 lakh, but it's a rebate, not an exemption
A rebate applies after tax is calculated, reducing the final amount payable, much like a discount
 "No tax on income up to Rs 12 lakh, but it's a rebate, not an exemption")
Budget bets on tax cuts over capex-will it boost private investment?
An income-tax cut instead of a corporate tax cut in 2019 would have done more for the economy
 "Budget bets on tax cuts over capex-will it boost private investment?")
Is your salary between Rs 8-25 lakh? See how much tax you'll save this year
The Union Budget 2025 brings notable tax relief, particularly for middle-income earners
 "Is your salary between Rs 8-25 lakh? See how much tax you'll save this year")
Bombay HC to hear Volkswagen's plea against $1.4 bn tax notice on Feb 17
The automobile company last month filed a petition in the HC, challenging a show-cause notice issued by the authorities in September 2024 under the Customs Act
 "Bombay HC to hear Volkswagen's plea against $1.4 bn tax notice on Feb 17")
Updated income-tax return: Ensure accuracy as revisions are not permitted
Only those with additional tax to pay can file an updated return
 "Updated income-tax return: Ensure accuracy as revisions are not permitted")
Increasing threshold: Ensuring more people contribute to income tax
The most important question is this: In a country at India's income level, is it right or wise to exempt those earning ₹12 lakh a year from the income-tax net?
Domestic demand to boost growth post income tax cuts in Budget 2025: S&P
S&P said India's union Budget is in line with its expectation of gradual fiscal consolidation and that undergirds the positive outlook on India's sovereign ratings 'BBB-'
 "Domestic demand to boost growth post income tax cuts in Budget 2025: S&P")
Budget 2025: Which tax regime is better for deductions, exemptions
Individuals earning up to Rs 12,00,000 per annum exempted from income tax; salaried taxpayers get additional Rs 75,000 standard deduction
 "Budget 2025: Which tax regime is better for deductions, exemptions")