The new Income Tax Act has placed a major focus on more “data-driven” reporting by companies, which, in the short-to-medium term, is likely to lead to more tax disputes, according to tax consultants.
Mutual fund investors are increasingly opting for the dividend option due to income tax relief of ₹12 lakh provided under the new tax regime.
The Finance Ministry is reportedly unlikely to introduce the new Income-Tax Bill during the Budget 2025 session of Parliament. Finance…
The revenue department in the Finance Ministry is seeking to fast-track the comprehensive review of the Income-Tax Act 1961, as it aims to complete it by January, ahead of the Union Budget in the following month, officials privy to the discussion said.
An internal committee under the CBDT has been established to review the Income Tax Act of 1961. The committee will be led by VK Gupta, Chief Commissioner of Income Tax.
The finance ministry has set up a five-member committee to revamp the Income Tax Act, 1961, an official source said, adding the panel is expected to finalise its report by December.
Union Finance Minister Nirmala Sitharaman has announced that a new tax code or Income Tax Act will be introduced within the next six months to replace the current Income Tax Act of 1961.
The government changed the income tax laws under the new tax regime in the July 2024 Budget, increasing its attractiveness compared to the old tax regime.
There are many changes in the income tax rules effective from this financial year. Changes in income tax slabs to…
Income tax portal has published a income tax calculator to show tax saving in new regime. https://incometaxindia.gov.in/Pages/tools/115bac-tax-calculator-finance-bill-2023.aspx
