Income Tax Law

From watches to horses: Now, 1% TCS on luxury goods over ₹10 lakh

Earlier, TCS under Section 206C (1F) was applicable primarily to the sale of motor vehicles above ₹10 lakh

Govt seeks to drop 6% equalisation levy on online advertisements

Google, Meta, and X set to be among beneficiaries

Income-Tax Bill expands scope of AMT, increasing tax burden on LLPs

Special treatment of LTCG is proposed to be removed

CBDT permits tax offence settlement through compounding under revised rules

Taxpayers can now settle offences by paying fine, announced the Central Board of Direct Taxes. But, this applies only if the taxpayer has no links to anti-national or terrorist activities

Shah Rukh Khan wins tax case as ITAT dismisses dispute over RA.One earnings

The Income Tax Appellate Tribunal bench held that reassessment of Bollywood actor Shah Rukh Khan's case by the income-tax department was not legally justified

Clubbing of Income: Tax rules on asset transfer to family members explained

The income from the transferred asset is added to the taxable income of the transferor and taxed at their applicable slab rate

Income Tax notice demands details of haircut, perfumes, monthly ration cost

If expenses appear significantly higher than what can be accounted for by these records, individuals may be required to provide detailed expense breakdowns

PPF to EPF: Best tax-saving investments for people opting for old regime

The regime allows taxpayers to claim deductions on various investments and expenses, which can significantly lower their taxable income

Income Tax dept activates section-wise mapping of old I-T Act, new tax bill

Income Tax payers can now match the sections of the I-Tax Act, 1961, with the corresponding clauses in the simplified I-T Bill, 2025, on the tax department portal. Also, Section to Section mapping as per Income Tax Act, 1961 and Section number as per New Income Tax Bill has been uploaded on the I-T department's website. A simplified Income Tax Bill, 2025, was introduced in the Lok Sabha on February 13 by Finance Minister Nirmala Sitharaman. The Bill, once enacted, will replace the 64 years old Income Tax Act which has become bulky over time with its traditional style of drafting and numerous amendments. The simplified Bill has a word count of 2.6 lakh, lower than 5.12 lakh in the I-T Act. The number of Sections is 536, as against 819 effective sections in the existing law. The number of chapters also have been halved to 23 from 47 currently. The Bill has 57 tables, compared to 18 in the existing act, besides formulae which make it easier for a taxpayer to calculate tax liability. I

FinMin asks ICAI to review new Income Tax Bill 2025, suggest improvements

Central Board of Direct Taxes expects the Institute of Chartered Accountants of India to go through the bill section-by-section, keeping in mind the needs of both businesses and individual taxpayers

Tax yr, crypto, salary deductions: What you should know about New Tax Bill

The new bill has also provided repeals and savings clause to ensure that rights and benefits accrued to the taxpayers under the old law are safeguarded.

Income-Tax Bill, 2025 to be tabled in Parl: New tax slabs, reforms & more

The new Income Tax Bill is expected to be tabled in Parliament on Thursday, Feb 13, replacing the six-decade-old Income Tax Act of 1961. Here are the highlights of the Bill

Union Cabinet approves new income-tax Bill; law set to be simpler

In addition, the official stated that in the new income tax bill, authorities have not been given excessive powers

New income-tax law explained: No new taxes, simplified for common man

The new Income Tax Bill, which will replace the six-decade old Income Tax Act of 1961, will make direct tax laws simple to understand, remove ambiguities and reduce litigations. The law, which is expected to be tabled in Parliament in the Budget session, will go to the Standing Committee on Finance for further scrutiny, Finance Minister Nirmala Sitharaman has said. 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. Following is an explainer of what the government intends to do and what can the new law hold for taxpayers: Q. Why is a review of the I-T Act needed? A. Income tax law was enacted about 60 years ago in 1961 and since then a lot of changes have taken place in the society, in the way people earn money and companies do business. The 1961 Act was framed at a time when Indian republic was young and faced challenges peculiar to those times. Over the time, as the countr

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

New income-tax Bill likely to receive Cabinet approval on Friday

New bill will not impose any additional taxes or create new burdens, says finance secretary

New Income Tax Bill to be introduced next week, says FM Sitharaman

The minister had previously announced in July last year that a comprehensive review of the Income Tax Act of 1961 would be completed within six months

Budget 2025: Govt to table new income tax bill next week, says FM

The government will introduce a new Income Tax bill in Parliament next week, replacing the six-decade old income tax act of 1961. Finance Minister Nirmala Sitharaman, in her 2025-26 Budget speech, said the new I-T Bill will carry forward the spirit of "Nyaya" (justice) based on the concept of "trust first, scrutinise later". "The new bill will be clear and direct in text with close to half of the present law, in terms of both chapters and words. It will be simple to understand for taxpayers and tax administration, leading to tax certainty and reduced litigation," Sitharaman said. She said the government has implemented several taxpayer reforms in last 10 years and the new income-tax bill will be introduced next week. Addressing a post budget press conference, Sitharaman said, "I hope it (the Bill) will get passed without much of a difficulty". The new income tax bill will go to the Standing Committee of Parliament, she added. Sitharaman had in July last year announced a comprehen

Wish I could bring down taxes to nil, says FM Nirmala Sitharaman

But there are challenges to overcome and the country needs money for that, says the finance minister

First draft of revised direct tax code in 6 months: Revenue secretary

Malhotra said that the exercise is not linked to bringing a new Direct Tax Code, but a comprehensive review of the income tax law