Page 7 - Income Tax

New Income Tax Bill, 2025: Top highlights

The highly anticipated Income Tax Bill, 2025, is set to be tabled in Parliament tomorrow, February 13. Meanwhile, a draft of the Bill has already been circulated among MPs.

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

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

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

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

New I-T bill not to have provisos; may come up in Cabinet on Friday

The new income tax bill, to be introduced in Parliament next week, will not have long sentences, provisos and explanations, Finance Secretary Tuhin Kanta Pandey said on Thursday. 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. The new bill, which was announced by Finance Minister Nirmala Sitharaman in her Budget speech, will also incorporate the changes made in income tax rates, slabs and in TDS provisions made in the Budget for 2025-26. "When you see next week a new income tax Bill, you will see a very different Bill. The way we write laws is undergoing a change You will see very less of those long sentences you will not see probably the proviso, explanations.," Pandey said at a PHD Chambers event here. Pandey said the new bill will not put any new taxes, or any new burden. "We are also not changing policy in a big way. We do not want to create any unstable situation," Pandey added. Th

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

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

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

Bombay HC to hear Volkswagen's plea against $1.4 bn tax notice on Feb 17

The Bombay High Court on Wednesday said it would hear on February 17 a plea filed by Skoda Auto Volkswagen India challenging the tax demand of USD 1.4 billion by Indian customs authorities. The Volkswagen group, currently led in the country by Skoda Auto Volkswagen India, has been accused of deliberately misleading customs authorities through its mode of import of parts as individual units rather than as a component of a 'completely knocked down' (CKD) unit, which attracts higher import duty. 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. On Wednesday, the company's counsels mentioned the plea before a division bench of Justices B P Colabawalla and Firdosh Pooniwalla, seeking urgent hearing. The high court agreed to hear the plea on February 17. The notice alleged that the company misclassified its imports of Audi, Skoda and Volkswagen cars as "individual parts" instea

Updated income-tax return: Ensure accuracy as revisions are not permitted

Only those with additional tax to pay can file an updated return

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 Global Ratings on Tuesday said the Budget for 2025-26 will boost India's growth over the next few years via domestic demand through income tax cuts and the country will achieve the targeted 4.4 per cent fiscal deficit despite hiking I-T rebate. 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-'. The deficit targets are also consistent with S&P's projections. "We believe India will hit its deficit targets despite revenue loss from lifting the threshold for minimum taxable income and slower economic growth. Support will stem from continued large dividends from the central bank and potential capital underspending," S&P said in a statement. The fiscal 2026 budget will boost growth over the next few years via domestic demand through tax cuts for households, it added. "We anticipate consumer spending and public investments will maintain real GDP growth ..

In the last 10 years, we have enhanced savings of the middle class: PM Modi

Replying to the Motion of Thanks on President's address in Lok Sabha, PM Modi said, "In the last 10 years, we have enhanced savings of the middle class by reducing Income Tax.

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 proposals to garner up to Rs 45,000 cr bank deposit: DFS Secy

Budget proposals for income tax cuts and other tax changes will help banks to mobilise Rs 40,000-45,000 crore additional deposits, Financial Services Secretary M Nagaraju on Monday said. The Union Budget 2025 has proposed an increase in the tax deduction at source (TDS) threshold on interest earned from fixed deposits for general (non-senior) citizens from the current Rs 40,000 to Rs 50,000 per financial year. The TDS threshold for fixed deposit interest income earned by senior citizens will go up from Rs 50,000 to Rs 1 lakh from FY2025-26, he said. "We see over Rs 20,000 crore coming back into the banking system due to the hike in tax rebate limit, over Rs 15,000 crore from the hike in TDS threshold on interest earned from savings deposits by senior citizens," he said in a post-Budget media briefing. Besides these two, Rs 7,000 crore is seen coming from the non-senior individuals tax savings due to the income tax slab changes, he added. Asked about MTNL debt resolution and haircu

Old tax regime vs new tax regime: How to choose and switch

As the Finance Minister presented the Union Budget 2025, taxpayers are left pondering: Old Tax Regime or New Tax Regime? Which one should one opt for? With changes to income tax slabs for FY26.

Budget 2025: All the latest tax rates and holding period for all assets

Unit Linked Insurance Plans (ULIPs) with annual premiums exceeding Rs 2.5 lakh will now be subject to long-term capital gains (LTCG) tax at a rate of 12.5%, effective from April 1, 2026

Decoded: With Budget 2025 tax sops does old tax regime still make sense?

The government on Saturday said the old tax regime will continue. But with the changes announced in Budget 2025, does it still make sense to use it?