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Income tax India released Section heading as per Income-tax Act, 1961
Tag: Income Tax Bill 2025
New Tax Bill 2025: No Nil TDS certificate for all taxpayers including NRIs; What does it mean for Indians and NRIs?
It seems that due to deletion of two words – ‘no deduction’ in the proposed new Income Tax Bill 2025 will result in removal of the concept of ‘nil TDS’ certificate for both Indian taxpayers and non-residents including NRIs.
New Income Tax Bill to be taken up for discussion in monsoon session of Parliament: FM Sitharaman
The new Income Tax Bill will be taken up for discussion in the next monsoon session of Parliament, announced Finance Minister Sitharaman in Lok Sabha on Tuesday.
This tax-free perquisite value for salaried employee will see a positive change in New Tax Bill 2025
In the proposed Income Tax Bill, 2025 the phrase which determines tax free perquisite for a salaried employee for any expenditure incurred by the employer for the use of a vehicle has been tweaked.
CBDT seeks inputs from stakeholders on income-tax rules and related forms on provisions of Income Tax Bill 2025, after it was introduced in Parliament
CBDT has launched a utility on e-filing portal for stakeholders to submit inputs on provisions of Income tax Bill 2025 through an OTP-based validation process
CBDT makes all Income Tax offences compoundable, eases rules for defaulters
All offences under the income-tax law, including cases that involve agencies such as the Enforcement Directorate and the Central Bureau of Investigation, have been made compoundable by competent tax authorities if the applicant is not found to be involved in any anti-national or terrorist activity, the central board of direct taxes (CBDT) said on Monday.
Income Tax Bill: Lok Sabha panel weighs expanding ‘accountant’ definition
The highlight of the two meetings of the select committee of the Lok Sabha, tasked with examining the Income Tax Bill, 2025, has been suggestions that the panel could recommend expanding the definition of ‘accountant’ to include other professionals, especially company secretaries and cost accountants.
Social media accounts accessed only in search, survey ops: I-T official
The new Income Tax Bill prescribes the existing process for tax authorities to gain access to the digital space or a computer device only during search and survey operations, and it is not aimed to breach the online privacy of common taxpayers even if their case lands into scrutiny, a top I-T department official said Monday.
Can tax officials really ask you about daily rations and toiletries? Here’s what experts say
The Income Tax Bill, 2025 was tabled in Parliament during the Budget session. Earlier, it was perceived as an effort to just simplify the language and structure of the Income Tax Act, 1961. But now the details of the Bill are out and it’s now clear that it is just not about a simplification exercise.
ICAI submits suggestions to LS committee on new Income Tax Bill; proposes simplification
The Institute of Chartered Accountants of India (ICAI) on Thursday submitted a raft of suggestions to the Lok Sabha Select Committee that is scrutinising the new Income-tax Bill, its president, Charanjot Singh Nanda, said. These include pruning the number of sections in the bill, simplifying the language and reducing the scope for litigations.