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Income Tax News

Income Tax Act 1961

13 Feb 2025

Will New Income Tax Bill 2025 Change The Existing Income Tax Slabs?

Finance Minister Nirmala Sitharaman on Wednesday (13 February 2025) tabled the much talked about New Income Tax Bill 2025 in Lok Sabha. The Bill will now be sent to the Parliamentary Standing Committee on Finance for further deliberations.

Income Tax Act 1961

13 Feb 2025

New Income Tax Bill 2025 Introduced In Lok Sabha By FM Nirmala Sitharaman

Finance Minister Sitharaman introduces Income Tax Bill, 2025, in Lok Sabha amid opposition parties opposing its introduction.

Income Tax Act 1961

13 Feb 2025

New Income Tax Bill To Supersede Income Tax Act 1961 To Be Tabled In LS

The revised tax framework is expected to come into force from April 1, 2026.

12 Feb 2025

Why New Income-Tax Bill 2025 Is Much-Needed Reform? Check Key Features

New Income-Tax Bill 2025: To ensure greater clarity, the bill also includes tables, examples, and formulas to explain tax provisions to make it easier for individuals and businesses to interpret.

Income Tax Act 1961

13 Feb 2025

New Income Tax Bill 2025 Vs Old Income Tax Act 1961: Ten Key Points To Know

A crispier and simplified Income Tax Bill 2025, having 536 sections, and 23 chapters running into 622 pages, is likely to be introduced in the Lok Sabha on Thursday.

Income Tax Act 1961

12 Feb 2025

New Income Tax Bill To Have 622 Pages, 536 Sections; To Be Tabled Tomorrow

The Bill once enacted will replace six-decade old Income Tax Act 1961, which over the years became bulkier and complex with amendments.

Income tax bill

11 Feb 2025

New Income Tax Bill Likely To Be Tabled In Parliament Today

Before the Income Tax Bill was cleared by the Cabinet, people in the know said that the legislation would likely provide directions to widen the tax net, given the contraction in the tax base following the exemption limit being raised to Rs 12 lakh in the Union Budget.

Income tax bill

08 Feb 2025

New Income Tax Bill Set To Be Tabled In Parliament Next Week

The bill, which was granted approval in the Cabinet meeting chaired by Prime Minister Narendra Modi on Friday, will be introduced in the Parliament next week before it is sent to the Parliament's Standing Committee on Finance.

03 Feb 2025

No Income Tax up To Rs 12 Lakhs, Then Why Tax Slabs Start At Rs 4 Lakh?

Income Tax Slabs Under New Regime For FY 2025-26: Finance Minister Nirmala Sitharaman provided major relief to taxpayers in the Union Budget 2025-26 by increasing the tax-free income limit from Rs 7 lakh to Rs 12 lakh. With a standard deduction of Rs 75,000 for salaried individuals, income up to Rs 12.75 lakh is now tax-free. However, this excludes capital gains, which continue to be taxed separately under short-term and long-term rates.

03 Feb 2025

Govt To Introduce New Income Tax Act For Tech-Driven Taxpayers- Details Here

New Income Tax Act: According to the government, about 78 per cent of taxpayers have already shifted to the new tax regime. Still, according to sources, the government is not in the mood to make any major changes to the old tax regime.

03 Feb 2025

Senior Citizens' Tax Relief: Interest Income Limit Raised to Rs 1 Lakh!

Income Tax Slabs Union Budget 2025 For Senior Citizens: Finance Minister Nirmala Sitharaman stated that the limit for tax deduction on interest for senior citizens is being doubled from the present Rs 50,000 to Rs 1 lakh. This revision aims to provide greater relief to depositors by reducing the tax deducted at source on interest income, thereby ensuring higher take-home earnings for individuals, especially senior citizens and small depositors.

02 Feb 2025

Budget Allocates 19 Per Cent Outlay Increase For Ministry Of Textiles

By boosting domestic productivity, this initiative will stabilise raw material availability, reduce import dependence and enhance the global competitiveness of India's textile sector, where 80 per cent of capacity is driven by MSMEs.

New Tax Regime 2025

03 Feb 2025

No Tax Up To Rs 12 Lakh, But What If You Earn Even Rs 1 More?

Income Tax Slabs Union Budget 2025: Finance Minister Nirmala Sitharaman announced key changes to the income tax slabs under the new tax regime, which will impact your taxes for the FY 2025-26 The decision to switch to the new regime or remain in the old one depends on the deductions and exemptions you're eligible for under the old regime. While there is no tax on income up to Rs 12 lakh, does that mean someone earning Rs 15 lakh will only pay tax on Rs 3 lakh? No, the rebate applies only to those earning up to Rs 12 lakh. With the ₹75,000 standard deduction in effect, individuals earning up to ₹12,75,000 will receive a full tax waiver. However, those exceeding this limit will be taxed under the new tax regime for 2025. If your taxable income is even a rupee more than Rs 12 lakh, you will be taxed according to the slab rates under the new tax regime. Previously, those earning up to Rs 12 lakh paid a tax of Rs 80,000 under the new tax regime.

01 Feb 2025

No Income Tax Up To Rs 12 Lakh: Middle Class Reacts To 'Bumper' Budget Relief

In a major relief for taxpayers, Sitharaman announced that individuals earning up to Rs 12 lakh annually will no longer have to pay income tax under the new regime.

Union Budget 2025

01 Feb 2025

Budget 2025: Tax slabs decoded!

01 Feb 2025

Budget 2025: FM Rejigs Income Tax Slabs; New Tax Slabs 2025 Vs 2024 Compared

Finance Minister Nirmala Sitharaman on Saturday announced big sop for the middle class and the salaried taxpayer. There will be no tax for income upto Rs 12 Lakh under New Tax Regime. Slabs and rates being changed across the board to benefit all tax-payers. New structure to substantially reduce taxes of middle class and leave more money in their hands, boosting household consumption, savings and investment, she said.

01 Feb 2025

Budget 2025: Govt To Extend Mudra Loans To Homestays, Says FM Sitharaman

In efforts to boost tourism in the country, Sitharaman said medical tourism will be promoted in partnership with the private sector and the government will also give special focus to destinations related to life and times of Lord Buddha.

01 Feb 2025

FM’s Big Boost To ITR Filing; To Extend Time Limit For Filing Updated Returns

Budget Income Tax 2025: FM Nirmala Sitharaman has proposed to extend the time-limit to file updated returnsfor any assessment year, from the current limit of two years, to four years.

01 Feb 2025

Budget 2025: Limit For Tax Deduction On Interest For Senior Citizens Doubled

Budget 2025 TDS announcement: Similarly, the annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh. This will reduce the number of transactions liable to TDS, thus benefitting small tax payers receiving small payments.

01 Feb 2025

Why No Income Tax Payable Upto Income Of Rs 12.75 Lakh For Salaried Tax Payers

Income tax Slabs budget 2025: In the new tax regime, the revised tax rate structure is Rs 0-4 lakh (zero tax), Rs 4-8 lakh (5 per cent), Rs 8-12 lakh (10 per cent), Rs 12-16 lakh (15 per cent), Rs 16-20 lakh (20 per cent), Rs 20-24 lakh (25 per cent), and above Rs 24 lakh (30 per cent).

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