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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.
The Association of Mutual Funds in India (AMFI) has released a 15-point proposal for the Union Budget for the financial year 2025-26. It includes requests for the restoration of the long-term indexation benefit for debt schemes, which was removed in the Budget 2024, reinstatement of earlier tax rates on capital gains, and amendment of the definition of equity oriented funds to include fund of funds investing in equity overseas funds.
Economists have urged the government to reduce income tax rates, rationalise customs tariffs, and introduce measures to support exports in Budget 2025, reported ET Bureau on Wednesday.