Page 5 - Income Tax

New Income-Tax Bill restores alternate minimum tax relief for LLPs

Lok Sabha clears revised I-T Bill, along with tax law amendments

Where’s my refund? A quick guide to tracking your ITR status

Filed your ITR but haven’t received your refund yet? From checking your refund status to understanding why it might be delayed, this step-by-step guide has you covered.

Monsoon session: Lok Sabha passes two tax bills amid din, without debate

These Bills, introduced by Finance Minister Nirmala Sitharaman, were passed without any debate amid vociferous protest by member of Opposition over revision of electoral rolls in Bihar

FM Sitharaman introduces modified Income Tax Bill in Lok Sabha

Finance Minister Nirmala Sitharaman on Monday introduced the modified Income Tax bill in the Lok Sabha after including "almost all of the recommendations of the Select Committee." Introducing The Income-Tax (No.2) Bill, 2025, Sitharaman said the bill seeks to consolidate and amend the law relating to income-tax and will replace the Income Tax Act, 1961. "Almost all of the recommendations of the Select Committee have been accepted by the government. In addition, suggestions have been received from stakeholders about changes that would convey the proposed legal meaning more accurately," said the statement of objects and reasons of the bill. The Select Committee, chaired by Baijayant Panda, had suggested a host of changes in the Income-tax Bill, 2025, which was introduced in the Lok Sabha on February 13. "There are corrections in the nature of drafting, alignment of phrases, consequential changes and cross-referencing. Therefore, a decision has been taken by the government to withdraw

I-T Bill withdrawn, Moody’s warning on India’s growth, Rahul Gandhi seeks probe in vote fraud & more

The government on Friday withdrew the Income Tax (Amendment) Bill, 2025, introduced in February to replace the 1961 IT Act.

FM Sitharaman withdraws Income Tax Bill, revised draft to be tabled Aug 11

Finance minister will submit a revised version of the I-T Bill, incorporating most of the Select Committee's recommendations

No retrospective change in I-T Bill, only simplification: Baijayant Panda

The old law had become so complicated that even experts couldn't give the clear answer, says Panda

Foreign firm using shared premises in India liable to income tax: SC

SC rules foreign firm's control over Indian business via shared office space qualifies as a permanent establishment, triggering income tax liability

Income Tax Bill: Select panel proposes wider transfer-pricing net

Companies wielding substantive influence with other firms may face more scrutiny

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

Parl panel report on new Income Tax Bill, 2025 to be tabled in LS on Monday

A report of the parliamentary committee set up to scrutinise the new Income Tax Bill, 2025, which would replace the six-decade old Income Tax Act, is scheduled to be tabled in the Lok Sabha on Monday. The 31-member Select Committee, chaired by BJP leader Baijayant Panda, was appointed by Lok Sabha Speaker Om Birla to scrutinise The new Income Tax Bill, 2025, which was introduced by Finance Minister Nirmala Sitharaman on February 13 in the Lok Sabha. The Committee has made 285 suggestions and at its meeting on July 16 adopted the report on new I-T Bill, 2025, which will now be tabled in the House for further action. The simplified Income Tax Bill, which is half the size of the 1961 Income Tax Act, seeks to achieve tax certainty by minimising the scope of litigation and fresh interpretation. The new bill, introduced in the Lok Sabha, 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 ...

Claiming false deductions? I-T dept steps up scrutiny, warns of penalty

The warnings come as the government has given taxpayers more time to file their returns - the deadline is now September 15. But experts say this extra time comes with stricter checks

Lok Sabha select committee proposes 285 changes to Income Tax Bill, 2025

The Income Tax Bill, 2025, will replace the Income Tax Act, 1961. The government aims to implement the new Income Tax law from April 1, 2026

Guide to filing tax return: View all your financial activities in one place

AIS and TIS are documents that will help you check all your income and tax details

Income Tax department releases ITR-2, ITR-3 excel utilities for AY26

This enhanced integration aims to simplify compliance for taxpayers and reduce errors in return filing

Depositing big cash sums? Tax rules, I-T notices and what to watch out for

Even legitimate cash deposits can invite I-T notices if not explained properly, experts warn

Filing ITR without a CA? Don’t make these 5 common mistakes | ITR for AY 2025-26 | Personal Finance

Filing your Income Tax Return (ITR) for AY 2025–26 without a Chartered Accountant? It’s now easier than ever, thanks to digital tools, but a few common mistakes can still land you in trouble.

ITAT ruling targets use of farmland deals for laundering 'black' money

New ITAT tax interpretation could tighten scrutiny of undervalued land deals, challenging the alleged use of agricultural land transactions for turning unaccounted cash into legitimate income

Filing your income tax return? Here are some major mistakes to avoid

Filing errors can result in tax notices, interest and penalty charges, not to mention delays in getting your refund

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