What is a ‘tax year’? A ‘tax year’ is a period of twelve months contained in a financial year. It replaces the term ‘previous year’ used in the Income-tax Act, 1961. Further, with the discontinuance of the use of the term ‘assessment year’ in the Income-tax Bill, now the term ‘tax year’ will now be […]
Comparison of New Income Tax 2025 and Old Income Tax 1961 Section of Income Tax Bill, 2025 corresponding Sections of Income Tax Act, 1961 The current Income-tax Act was enacted in 1961 and came into existence with effect from 01.04.1962. It has been amended nearly 65 times with more than 4000 amendments, year on year
Income Tax Bill, 2025 The Income Tax Bill, 2025 has been tabled in Lok Sabha by Smt. Nirmala Sitharaman, the Hon’ble Finance Minister, on 13.02.2025. The debate on the new Income Tax Bill can be check here. The Income Tax Bill, 2025 contains: 536 Sections 16 Schedules and the Income Tax Bill, 2025 divided into
Income Tax Bill, 2025 – Official Copy – Download in PDF Read Post »
Today (13.02.2025), in the budget session of the Lok Sabha, a motion has been passed to constitute committee to make report on first day of next session of the Lak Sabha
Income Tax Bill 2025 Live Lok Sabha – Debate Read Post »
As per Today List of Business in the Lok Sabha, Smt. Nirmala Sitharaman to move for leave to introduce a Bill to consolidate and amend the law relating to income-tax. The Income-tax Act passed in 1961 has been subjected to numerous amendments since its passage sixty years ago. As a result of these amendments the
Income Tax Bill, 2025 in the List of Business in the Lok Sabha Today Read Post »
New Income Tax Act, 2025 (PDF) – Download The Income-tax Act passed in 1961 has been subjected to numerous amendments since its passage sixty years ago. As a result of these amendments the basic structure of the Income-tax Act has been overburdened and language has become complex, increasing cost of compliance for taxpayers and hampering
New Income Tax Bill 2025 – Clause wise details of the Income Tax Act 2025 – (Download) Read Post »
Income Tax Bill, 2025 In a press conference held on February 8, 2025, Smt. Nirmala Sitharaman, the Hon’ble Finance Minister, clarified about the new Income Tax framework:
New Income Tax Rates 2025 – Union Budget 2025 There will be no income tax payable upto income of Rs. 12 lakh (i.e. average income of Rs. 1 lakh per month under the new regime. This limit will be Rs. 12.75 lakh for salaried tax payers, due to standard deduction of Rs. 75,000. In the
New Income Tax Rates 2025 – Union Budget 2025 Read Post »
Direct Tax Code (DTC) Bill The Direct Taxes Code (DTC) was a proposed legislation in India aimed at replacing the existing Income Tax Act of 1961. The objective of the DTC is to simplify and streamline the direct taxation system, making it more efficient, transparent, and taxpayer-friendly. Hon’ble Finance Minister Nirmala Sitharaman presented the Union
Direct Tax Code (DTC) Bill, replacing Income Tax Act, 1961 Read Post »
