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The new income tax bill is likely to be tabled in Parliament tomorrow on February 13. Deadline for filing income tax plays most crucial role in tax compliance for all taxpayers. Currently there are different deadlines for filing ITR for different category of income taxpayers.
The Union Cabinet on Friday approved the new Income Tax Bill, reported PTI citing sources. The bill, which will replace the Income Tax Act, 1961, aims to simplify and modernise India’s tax system. It will also simplify legal language so that taxpayers can easily understand the provisions.
The much-awaited New Income Tax Bill 2025 is likely to get Cabinet approval today, February 7. The Cabinet meeting is…
The new Income Tax Bill, which will replace the six-decade old Income Tax Act of 1961, will make direct tax laws simple to understand, remove ambiguities and reduce litigations. The law, which is expected to be tabled in Parliament in the Budget session, will go to the Standing Committee on Finance for further scrutiny, Finance Minister Nirmala Sitharaman has said.
Budget 2025: Based on media reports and social media discussions, it appears that FM Sitharaman has won the hearts of most salaried individuals by raising the tax-free annual income limit to Rs 12 lakh. Many in the middle class, who previously felt ignored and overtaxed by the government, are now happy that the government at last heard them.
The Union Cabinet may approve the new Income Tax Bill on Friday, paving the way for its introduction in the Lok Sabha as early as Monday, sources said. The bill is part of a broader push to reform the taxation system.
The new income tax bill, to be introduced in Parliament next week, will not have long sentences, provisos and explanations, Finance Secretary Tuhin Kanta Pandey said on Thursday. The new bill, which will replace the six-decade-old Income Tax Act, is likely to be discussed at the Cabinet meeting on Friday, sources said.
Budget 2025 has proposed to make normal income up to Rs 12 lakh tax-free under the new tax regime for fiscal year 2025-26. This has become possible due to revised tax slabs and an enhanced rebate of Rs 60,000 under section 87A. However, ever since the announcement of revised tax slabs and rates under the new tax regime for FY 2025-26, there has been a lot of confusion about tax on incomes slightly above Rs 12 lakh. For example, what happens when a person is earning Rs 12.1 lakh or Rs 12.5 lakh?
Central Board of Direct Taxes (CBDT) Chief Ravi Agrawal on Monday asked industry players to give their suggestions on the new income tax bill, which will be tabled in Parliament this week. The new income tax bill, which will replace the six decade old Income Tax act, 1961, has been drafted within six months and efforts have been made to simplify the language to make tax compliance easier for taxpayers and make it easier to read and understand.
Finance Minister Nirmala Sitharaman, in her Budget speech, announced the introduction of the New Income Tax Bill. Ravi Agrawal, chairman, Central Board of Direct Taxes (CBDT), in an interaction in New Delhi with Monika Yadav and Asit Ranjan Mishra discussed a range of topics, including framing of tax proposals, and why he feels most taxpayers would opt for the new tax regime.