Page 2 - Income Tax Law

Income Tax dept working on rules for new direct tax law: CBDT chief

The chairperson of the Central Board of Direct Taxes said the department is aligning its enforcement approach with a principle of "empathy", aiming to improve voluntary compliance

Select Committee submits report on Income Tax Bill, 2025; seeks key edits

A panel of 31 Lok Sabha members, led by Baijayant Panda suggested over 30 changes to ensure clarity, fairness, and alignment with existing laws in the proposed Income Tax Bill, 2025

Parliamentary panel on Income Tax Bill adopts report, makes 285 suggestions

A Parliamentary panel examining the Income Tax Bill-2025 on Wednesday made 285 suggestions on the draft legislation that seeks to modernise and simplify the country's tax laws. The Select Committee of the Lok Sabha to examine the Income Tax Bill-2025, chaired by BJP leader Baijayant Panda, adopted the report on the draft law, which will be presented to the House on Monday, the first day of the Monsoon session. "We have made 285 suggestions to the Bill," a committee member said when asked about the report on the Income Tax Bill. The member said the report of the Select Committee will be presented to the Lok Sabha on Monday and the bill is likely to be passed in the Monsoon session. After the submission of the report by the Committee, the government will consider recommendations and if required, then will take approval from the Cabinet before moving the bill for consideration and passage in the Lok Sabha. The government aims to implement the new Income Tax law from April 1, ...

Up to 200% penalty for tax misreporting: What every filer should know

Misreporting or underreporting income can lead to penalties of up to 200 per cent of the tax due. Tax experts warn that even small errors may trigger scrutiny under the new AI-driven system.

Income-tax Bill 2025: Digital data and the question of power and privacy

A Parliamentary Select Committee reviewing the Bill is expected to submit its report during the monsoon session

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