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The government on Friday formally withdrew the Income-Tax Bill, 2025, which was introduced in the Lok Sabha on February 13 this year to replace the existing Income-Tax Act, 1961.
The select committee of Lok Sabha has found a couple of drafting issues in Clause 21 of the Income Tax Bill 2025, which talks about the annual value of residential house properties and has recommended two key changes.
Member of Parliament G. Kumar Naik believes that the new amendment to the existing Income Tax Act proposed by the Central Government would adversely impact services providing by Chartered Accountants.
Income Tax Department on Tuesday issued clarification regarding the Income Tax Bill 2025, stating that the bill only aims to simplify language and removal of redundant & obsolete provisions.
A major privacy debate has emerged around the new proposed Income Tax Bill, 2025, which allows tax officials to access taxpayers’ digital devices, social media accounts and private emails during search and seizure operations.
The central government is continuously working to simplify and streamline the tax system, aiming to reduce disputes. In this direction, Union Finance Minister Nirmala Sitharaman has reportedly given strict instructions to the Central Board of Direct Taxes (CBDT) to identify all departmental tax appeals involving amounts less than the “revised monetary limit announced by the Central Government in Budget 2024-25” and withdraw them within three months.
The new Income-Tax Bill does not override the intent of the Income Tax Act, 1961, but simplifies its language and…
Union finance minister Nirmala Sitharaman has directed the Central Board of Direct Taxes (CBDT) to identify and withdraw all the departmental tax appeals that fall below the revised monetary thresholds announced in the Union Budget 2024–25, setting a firm deadline of three months. The move is part of a broader effort to reduce litigation, ease taxpayer burden, and strengthen service delivery through timely resolution.
The Lok Sabha Select Committee has recommended two key amendments regarding tax deductions on income from house property. One of the key amendments proposed by the Committee is to allow a standard deduction of 30% from the gross annual value (GAV) of a house property after deducting municipal taxes. The second significant amendment they recommended is to allow a deduction of home loan interest when calculating income from rented (let-out) house properties.