Income tax bill 2025 download. New Income Tax Bill 2025 Objectives.

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Income tax bill 2025 download Revised Income Tax Slabs and Rates. The review of the Income Tax Act was announced as the existing income tax laws are old, complicated and confusing for layman taxpayers. Bill No. Jan 1, 2025 · Govt released Income-Tax Bill, 2025 (Download) Empanelment with Bank of Maharashtra for Concurrent/Revenue audit (Last date 01. on 12 February 2025. New Income Tax Bill 2025: Several opposition leaders on Feb 1, 2025 · According to the Economic Survey for 2024-25, tabled in Parliament on Friday, January 31, 2025, India's economy is projected to grow between 6. Feb 2, 2025 · The provisions of Finance Bill, 2025 (hereafter referred to as ‘the Finance Bill’), relating to direct taxes seek to amend the Income-tax Act, 1961 (hereafter referred to as ‘the Act‘), to continue reforms in direct tax system through tax reliefs, removing difficulties faced by taxpayers and rationalisation of various provisions. 2) Act, 2024) vis-a-vis corresponding Clause of Income-tax Bill, 2025!New Press Release: Executive Summary on the Comprehensive Simplification of the Income-tax Act, 1961 !New General FAQs on the Broad scope of New Income-tax Bill!New Feb 5, 2025 · The Income Tax Bill, 2025 has been tabled in Lok Sabha by Smt. In February 2025, the Union Finance Minister introduced the Income-Tax Bill, 2025, in Parliament, aiming to replace the Income-Tax Act, 1961. Under the new tax regime, the income tax slabs will be revised for assessment year 2026-27, with reduced rates for incomes up to Rs. 12 lakh with new regime, making income tax as Rs. The Income-tax Bill, 2025, largely aligns with the existing provisions of the Income-tax Act, 1961. Direct tax proposals maintain the status quo for the Old Tax Regime, while the New Regime features reduced income slabs, higher rebates, and expanded tax-free income Since we will get tax rebate on income up to Rs. 1 day ago · New Hampshire legislators have devised various schemes over the years to protect the logging industry from market forces. 24 of 2025 THE INCOME-TAX BILL, 2025 _____ ARRANGEMENT OF CLAUSES _____ CHAPTER I P RELIMINARY C LAUSES 1. Instead of the old Income Tax Act of 1961, the new bill introduces a streamlined approach to defining and taxing salary income. Income-tax bill ppt Feb 13, 2025 · The much-anticipated Income Tax Bill, 2025, is set to replace the Income Tax Act, 1961, which has completed more than six decades being in-force. 04. Feb 14, 2025 · At the end of the day, the goal is to optimize and simplify the tax process for authorities as well as tax taxpayers. In respect of income of all categories of assessees liable to tax for the assessment year 2025-26, the rates of income-tax have either been specified in specific sections of the Act (like section 115BAA Feb 17, 2025 · In a significant move to modernize India’s tax framework, the Union Cabinet has approved the new Income Tax Bill 2025, set to replace the existing Income Tax Act of 1961. Description: Income Tax Bill 2025 #pdf Submitted By: Shree . The bill, set to replace the Income Tax Act of 1961, introduces 536 sections compared to the existing 819 sections. It’s a Microsoft Excel software compatible with all MS Office versions. Taxpayers earning above ₹12,00,000 can benefit from rebates, and the filing of updated returns has been made easier with extended timelines. Scope of total income. The bill seeks to replace the 65-year-old Income Tax Act of 1961, making way for a more structured, accessible, and digitally driven tax law under the Income Tax Act, 2025. 75 lakh for salaried New Income Tax Bill 2025 Provision: नया इनकम टैक्स बिल 2025 इनकम टैक्स अधिकारियों को बिना वारंट के डिजिटल जानकारी तक पहुंचने की ताकत देता है, जिससे प्राइवेसी पर चिंता जताई जा Feb 18, 2025 · Income Tax Department Releases FAQs on New Income Tax Bill 2025 . As revealed by Union Finance Minister Nirmala Sitharaman, the government is set to introduce a new income tax legislation in the upcoming week in the parliament. CHAPTER II B ASIS OF CHARGE 4. The new self-help tool has been launched to help people better comprehend the changes. This initiative aims to simplify the tax system, making it more accessible and comprehensible for taxpayers across the nation. By introducing the Direct Tax Code 2025, the government will seek to make tax compliance simpler and more transparent. 4 days ago · The Income Tax Bill, 2025 was introduced in Parliament by Finance Minister Nirmala Sitharaman. If youre looking for the full Budget 2025 Feb 13, 2025 · The New Income Tax Bill 2025 has been tabled in the Lok Sabha, aiming to revamp the 64-year-old Income Tax Act with a more user-friendly structure, effective from April 1, 2026. The New Income Tax Bill 2025 could set a precedent for future tax reforms. Feb 22, 2025 · The income tax department launched an online self-help tool to clear up any confusion regarding the Income Tax Bill 2025. Income deemed to be received. The Finance Bill 2025 proposes to extend this deadline to 48 months from the end of the relevant assessment year. The new Income Tax Act 2025 shall come into force from 1 st April 2025. o Purpose of Income-tax Bill, 2025: Simplifies the six-decade-old Income-tax Act, 1961. The Bill streamlines provisions, reduces word count and sections, and replaces the assessment year with a tax year. Feb 14, 2025 · Finance Minister Nirmala Sitharaman presented the new Income Tax Bill in the Parliament on 13th February, 2025. Residence in India. 12 lakh with new tax regime, income tax will be Rs. File Now The Income Tax Department NEVER asks for your PIN numbers, Income-tax Bill, 2025 !New ; Income Tax Department > Budget-2025. Nirmala Sitharaman, the Hon’ble Finance Minister, on 13. It consists of 536 clauses, 16 schedules, and 23 chapters, introducing significant changes to streamline and modernize tax administration. Here are the key highlights: Feb 13, 2025 · New Income Tax Bill 2025: 64 साल पुराने कानून की जगह नया कानून. The purpose of this bill is to simplify the complex Income Tax Act of 1961. Click on the link to download the Budget 2025 speech: Download here. 7. While sources say that the bill is likely to be tabled on Thursday (13 February), the only official information we have is the bill itse Feb 22, 2025 · The income tax department launched an online self-help tool to clear up any confusion regarding the Income Tax Bill 2025. 12 lakh (i. Other files by the user. Facebook; Twitter; The Indian government is gearing up to introduce the new Income Tax Bill 2025, The new Income Tax Act 2025 is more exhaustive than Feb 1, 2025 · Download Budget 2025 PDF from www. As per the new income tax bill, no Feb 15, 2025 · Businesses can expect simplified tax structures and incentives for startups. Income from ₹12,00,001 to ₹16,00,000: 10% Income from ₹16,00,001 to ₹20,00,000: 15% FAQs on new Income Tax Bill, 2025. in - GUIDE Finance Minister Nirmala Sitharaman on Saturday made history as she presented a record eighth consecutive budget. New Income Tax Bill 2025 Objectives. Read / Download Tabled bill 2nd - Reading Feb 6, 2025 · Income Tax Bill News LIVE: The new income tax bill is set to come into effect from the financial year 2025-26, and effective from the assessment Year 2026-27, according to the budget announcement Feb 2, 2025 · Budget 2025 Key Announcements: FM Nirmala Sitharaman announced a new tax bill, changed income tax slab, ITR extension, and more in Budget 2025. RATES OF INCOME-TAX I. Feb 19, 2025 · 4. The Income Tax Bill, 2025 contains: 536 Sections; 16 Schedules; and the Income Tax Bill, 2025 divided into 23 Chapters. On the official income tax department’s website, taxpayers can now compare provisions of the new Income Tax Bill 2025 with the current Income Tax Act of 1961. Feb 16, 2025 · The new Income Tax Bill 2025 seeks to simplify India’s tax system by raising the non-taxable income threshold, revising tax slabs, and extending compliance deadlines. During the course of numerous amendments to the Income tax Act, 1961, several policy decisions were incorporated as separate provisions. Feb 16, 2025 · Income-tax Act, 2025 – BILL No. Feb 14, 2025 · The Income-Tax Bill, 2025, introduces a new ‘Tax Year’ concept, replacing the existing Assessment Year, aiming to simplify tax reporting. The PDF of the Income Tax Bill, 2025 is available now. Feb 5, 2025 · The new income tax bill will carry forward the same spirit of Nyaya (Hindi word for justice) which was carried in Bharatiya Nyaya Sanhita that replaced the Indian Penal Code (1860 Act) in July • The rates of income-tax will continue to be the same as those specified for AY 2025-26 • Surcharge of 12% would applicable where the total income of resident Co-operative Society (except resident co-operative society opting u. 12. Feb 3, 2025 · The Finance Bill 2025, presented by Finance Minister Nirmala Sitharaman on February 1, 2025, proposes several direct tax amendments, effective mostly from April 1, 2025. Accordingly, The Income Tax Bill, 2025 (ITB 2025 or New IT Bill or new Bill) was tabled in the Lok Sabha on 13 February 2025. Feb 13, 2025 · The new Income Tax Bill, 2025, consists of 536 sections, 23 chapters, and 16 schedules in just 622 pages—a significant reduction from the amended 1961 Act, which had 823 pages as of 2024. s 115BAD) exceeds Rs 10. average income of Rs. Feb 2, 2025 · Sub-section (1H) of section 206C mandates tax collection at source (TCS) by a seller while Section 194Q provides for tax deduction at source (TDS) by a buyer on the same transaction and therefore to mitigate the difficulty of getting same transaction taxable twice, it is proposed to non-application of section 206C(1H) w. It primarily aims to simplify the language and remove redundant provisions. 1 day ago · 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. Explanation 3. Many anticipate that the changes will simplify tax compliance and enhance overall transparency in the tax system. About the income tax bill. A key highlight is the introduction of the ‘tax year’ concept, replacing the existing ‘assessment year. pdf India’s Union Budget (the “Budget”) was announced on February 1, 2025, and the Finance Bill, 2025 (the “Finance Bill”) was tabled in Parliament. pdf), Text File (. Key shifts include the Feb 15, 2025 · Lok Sabha introduced the Income-tax Bill 2025 to simplify the Income-tax Act, 1961. Expansion of scope of safe harbour rules to reduce litigation and provide certainty in international taxation. The Central Board of Direct Taxes (CBDT) also issued two sets of FAQs and a navigator for mapping of comparable provisions of the ITA 1961 with the new version. 2025) Feb 7, 2025 · By Parizad Sirwalla Budget 2025 income tax: In the run up to the Budget 2025, individual taxpayers were eagerly looking forward to favorable tax reforms. Feb 13, 2025 · Income Tax Bill, 2025: Dawn of a new era Download the Financial Express App for the latest finance news. A new Income Tax Bill will be introduced in this week, which aims to replace the existing Income Tax Act of 1961. Feb 12, 2025 · The announcement of the New Income Tax Bill for Budget 2025 marks a major shift in India’s taxation system. 2025) Empanelment of Stock & Receivable Auditors with UCO Bank Feb 12, 2025 · KSS Prasad Income Tax Excel Software FY:2024-25 : KSS Prasad updated latest AP Income Tax Software 2024-25 for the financial year FY:2024-25(AY:2025-26) on 05/02/2025. Sitharaman has also requested the Lok Sabha Speaker to nominate members Feb 22, 2025 · Summary: The Finance Bill 2025 proposes significant amendments to the Income Tax Act, particularly regarding tax slabs, deductions, and compliance procedures. It seeks to replace the Income-Tax Act, 1961. Nirmala Sitharaman presented the Union Budget 2025-26 in Parliament. 02. Feb 13, 2025 · The new Income Tax Bill 2025, set to replace the 1961 Income Tax Act, aims to simplify tax laws and compliance. 1 Taxpayers can claim marginal relief up to a total income of Rs 12,70,587 (i. Simplification: Streamline the 1961 Income-tax Act by removing obsolete provisions, redundant clauses, and complex legal jargon. The bill, which introduces substantial changes to the existing income tax framework, aims to overhaul the current system with new provisions and adjustments. 24 OF 2025 – View/Download . Rationalization of TDS/TCS for easing difficulties Tax deduction … Feb 5, 2025 · Comparison of New Income Tax 2025 and Old Income Tax 1961 Section of Income Tax Bill, 2025 corresponding Sections of Income Tax Act, 1961. Y. Therefore, the users are advised to compare the provisions of the Income Tax Act, 1961, as updated with proposed amendments in Finance bill 2025, while reading the Income Tax Bill, 2025. It includes virtual digital assets, grants authorities access to digital spaces, and clarifies dispute resolution while removing obsolete exemptions. The latest scheme comes in House Bill 123, as amended. A select committee will review the bill before its passage. What is the Income Tax Bill 2025? The Income Tax Bill 2025 is a new version of India’s existing Income Tax Act of 1961. Notably, deductions under Section 80CCD(1B) for pension The new income tax bill has come after Budget 2024 July announced the review of The Income Tax Act, 1961. Section 3 defines the “tax year” as a twelve-month period aligned with the financial year starting April 1, replacing the terms “previous year” and “assessment year” used in the Income-tax Act, 1961. The New Income Tax Bill 2025 is a bold step towards modernizing India’s tax framework, aligning it with global best practices and ensuring greater transparency and The Income Tax Bill 2025 replaces the previous system of separate financial and assessment years with a unified tax year from April to March. Presently, the deadline for filing an updated tax return under Section 139(8A) is 24 months from the end of the relevant assessment year. Feb 12, 2025 · Download New Income Tax Bill. Charge of income-tax. Therefore, no such additional term has been introduced in the Bill. The Finance Minister has announced the new Income-tax Bill 2025 shall be released next week. It aims to simplify tax laws and streamline the tax filing process, especially for salaried employees. 2025. Central Board of Direct Taxes 4 days ago · Discover the Income Tax Bill 2025, featuring simplified tax provisions, reduced rates, and streamlined compliance. 0 for FY 2025-26 on this income and new tax regime. 2025) 6 days ago · Bharuch Minister of Parliament ( MP ) and BJP leader Mansukhbhai Dhanjibhai Vasava has formally submitted a memorandum from The Institute of Cost Accountants of India ( ICMAI ) to the Income Tax Bill Review Committee, urging the inclusion of Cost Accountants under the definition of “Accountants” in the Income Tax Bill, 2025. Key Features of the New Income Tax Bill 1. Key Provisions: Expansion of Investigative Powers: Feb 9, 2025 · Download Income Tax Calculator FY 2025-26 Excel on your device, and provide income as gross income for FY 2025-26. The debate on the new Income Tax Bill can be check here. It also allows taxpayers to compare the New Tax Bill 2025 with the Old Income Tax Act 1961. ’ from the Income Tax Act Mar 3, 2025 · Summary: The new financial year commencing April 1, 2025, introduces several critical changes in income tax laws impacting individuals, businesses, and investors. in. The Income Tax Department has published a set of frequently asked questions (FAQs) to help both tax experts and the general public understand the New Income Tax Bill 2025. Even with income = Rs. FAQs on Income Tax Bill 2025 for Salaried Employees 1. 8% in 2025-26, compared to an estimated 6. Feb 1, 2025 · The Union Budget 2025 has been officially presented outlining key economic policies, tax reforms, and growth strategies for the upcoming financial year. New Income Tax Bill, 2025 1 day ago · ü Tax authorities can search buildings, places, vehicles, vessels, aircraft, safes, and other repositories for tax evasion. More on News The government asserts that the new legislation will simplify the tax system, making it more accessible for both taxpayers and administrators. The current Income-tax Act was enacted in 1961 and came into existence with effect from 01. 338, to exempt the income of the Bujagali Hydro Power Project from tax. Key changes include clarifications on significant economic presence for non-residents, extended tax exemptions for IFSC-issued insurance policies, and tax relief for minor withdrawals under the NPS sch Feb 12, 2025 · Download copy of Bill and read FAQs on New Income Tax Bill 2025 Union Finance Minister, in her Budget 2025 speech has informed the proposal to introduce the new Income-Tax Bill/Code. 64 (1) in IT Act, 1961. The new Bill aims to reduce litigation and create a fairer, more predictable tax system. This limit will be Rs. 75 lakh, you get standard deduction of Rs. 1 lakh per month other than special rate income such as capital gains) under the new regime. We take a look at the full list of key announcements. Feb 4, 2025 · Summary: The Finance Bill 2025 presents significant updates in both direct and indirect taxes aimed at improving business ease, reducing litigation, and widening the tax base. —For the purposes of clauses (iv) and (vi), where the assets transferred directly or indirectly by an individual to his spouse or son’s wife (hereafter in this Explanation referred to as “the transferee”) are invested by the transferee,— (i) in any Feb 1, 2025 · The Union Budget 2025-26, presented by Finance Minister Nirmala Sitharaman, is available for download in PDF format from the official Government of India websites. 75,000, family pension relief, and rebates for certain incomes. Feb 3, 2025 · > enhance the limit of total income for rebate in clause (a) and (b) of first proviso under section 87A, on which the income-tax is payable as per the rates of income-tax under sub-section (1A) of section 115BAC (New Tax Regime), from Rs. The New Income Tax Bill 2025 tabled by Union Finance Minister Nirmala Sitharaman in the Lok Sabha today brings with it a more streamlined and taxpayer-oriented format. Important Update CBDT Seeks Public Feedback to Revamp Income-tax Act Feb 20, 2025 · In July 2024, India’s Finance Minister announced that a comprehensive review of the existing Income-tax Act, 1961 (the “IT Act”) would be undertaken with the intent to make the tax law simple and to minimize tax controversy. Download Other files in Income Tax category. Feb 13, 2025 · The New Income-Tax Bill 2025 seeks to modernize and simplify the current tax framework, replacing the Income-Tax Act, 1961, which has undergone over 4000 amendments since its inception. First published on: 14-02-2025 at 04:15 IST . 2) Act, 2024) vis-a-vis corresponding Clause of the Income-tax Bill, 2025, an Income-tax Bill, 2025 navigator and Frequently Asked Questions (FAQs) for the Income-tax Bill, 2025 have been made available in the public domain, and have been Feb 4, 2025 · Summary: The Income Tax updates in Budget 2025 bring changes to the New Tax Regime, with revised income slabs offering rates from 0% to 30% based on income brackets, with specific deductions like a standard deduction of Rs. Feb 13, 2025 · The introduction of the New Income Tax Bill has generated discussions among taxpayers, financial experts, and policymakers. Skill gloom: Crisis in Feb 3, 2025 · Following important amendments have been proposed under Income Tax Laws in the Finance Bill vide Clauses 2 to 86, which shall, save as otherwise provided in the Finance Act, 2025, be deemed to have come into forceon April 01, 2025 as per Clause 1(2)(a) of the Finance Bill: 1. Conclusion. Aims to simplify tax laws but has sparked debate due to enhanced investigative powers for tax authorities. 01. ü Streamlines provisions, removes obsolete references, and enhances readability. 8. Read More:… Feb 12, 2025 · Download Android App. Here’s how: Feb 12, 2025 · The New Income Tax Bill, 2025, proposed by the Ministry of Finance to introduce the concept of a 'Tax Year' to replace the existing 'Assessment Year' and 'Previous Year. Nov 12, 2024 · The DTC 2025 will aim to address the complexity of the Income Tax Act 1961, which has become increasingly burdensome with its extensive sections, exemptions, and deductions. 00 Crore. Learn about its chapters, objectives, and key reforms for businesses & individuals. ’ A. Total tax as proposed by Finance Bill 2025 (F. Feb 21, 2025 · Summary: Income Tax Bill 2025 was introduced in Parliament on February 13, 2025, as announced by Finance Minister Smt. 75,000 making taxable income = Rs. 24,00,000. f. The New Income Tax Bill is likely to be tabled in the Lok Sabha on Thursday as announced by FM Nirmala Sitharaman during her Budget speech on February 1. RELATED NEWS. 12,00,000/- and the limit of rebate in clause (a) of first proviso to section 87A from Learn the key differences between the Direct Tax Code (DTC) 2025 and the Income Tax Act 1961. 2025) Feb 12, 2025 · The Union Cabinet approved the new Income Tax Bill on Friday, February 7, 2025. This was announced by Finance Minister Nirmala Sitharaman during the presentation of the Union Budget 2025-26. On the contrary, the new bill consists of 259,676 words, 23 chapters and 536 sections. 3. Income-Tax Bill, 2025. Why Does Section 247 of the Income Tax Bill, 2025 Grant Tax Officials the Power to Access Virtual Digital Spaces? Section 247 of the Income Tax Bill, 2025 grants tax officials the power to access virtual digital spaces like emails Feb 4, 2025 · Govt released Income-Tax Bill, 2025 (Download) Empanelment with Bank of Maharashtra for Concurrent/Revenue audit (Last date 01. This comprehensive legislation covers amendments across direct and indirect tax regimes, focusing on income tax, customs, excise, and GST. Rates of income-tax in respect of income liable to tax for the assessment year 2025-26. 24 of 2025 THE INCOME-TAX BILL, 2025 _____ ARRANGEMENT OF CLAUSES _____ CHAPTER I PRELIMINARY CLAUSES 1. Follow us on. Key changes include the introduction of a 'tax year' concept, consolidation of TDS provisions, and a clearer presentation of exemptions and rules, while maintaining existing tax rates and residential status definitions Feb 12, 2025 · income tax bill parliament new income tax bill 2025 pm modi nirmala sitharaman आ गया नया इनकम टैक्स बिल! जानें आम आदमी के लिए क्या-क्या बदलेगा, टैक्स फाइलिंग होगी आसान या बढ़ जाएंगी Feb 13, 2025 · Section in existing Income Tax Act, 1961: Section in new Income Tax Bill 2025: Explanation 3 to s. 8% to 11. Feb 7, 2025 · The Union Cabinet on Friday (February 7, 2025) approved the new income tax bill, which will replace the six decades old I-T Act, sources said. · It aims to reduce compliance burdens and minimize litigation, benefiting businesses and individuals alike. . The Union Cabinet approved the New Income Tax Bill on February 7, 2025. CHAPTER II BASIS OF CHARGE 4. The new bill aims to make direct tax laws simpler, reduce litigation, and remove ambiguities in the current system. Feb 22, 2025 · Income Tax: Explore 151 FAQs on Finance Bill 2025, covering tax provisions, IFSC benefits, TDS/TCS, transfer pricing, and more for informed fi 6 days ago · The Income-Tax Bill, 2025, was introduced in Parliament to replace the Income-Tax Act, 1961, aiming for a simplified structure, clearer language, and reduced litigation. 7,00,000/- to Rs. Feb 12, 2025 · Its goal is to replace the existing Income Tax Act, 1961, with a more straightforward and transparent system. 03. CG-DL-E-13022025-261003. The bill aims to reduce the volume, complexity, and ambiguity of the law, and to provide greater tax certainty to taxpayers. Jan 18, 2025 · The government is set to unveil a new Income Tax Bill during the Budget 2025 session, replacing the decades-old Income Tax Act, 1961. Expected to be effective from April 1, 2026. At first glance, it aims to simplify the legislation by consolidating similar provisions, eliminating obsolete sections, and presenting some information in a tabular format. 3%, says Nirmala Sitharaman in Rajya Sabha Feb 17, 2025 · New Income Tax Bill 2025 explained: The current income tax bill which was enacted in 1961, and came into effect in 1962, consisted of 512,535 words and 819 sections. Provide investment including standard deduction, section 80C investment, section 80CCD(1B) investment, and other tax saving options for which you are eligible. Objective: The Income-Tax Act, 1961, has become complex and unclear due to numerous provisos, exceptions, and non-obstante clauses. 1962. 5. The […] Feb 13, 2025 · Therefore, the users are advised to compare the provisions of the Income Tax Act, 1961, as updated with proposed amendments in Finance bill 2025, while reading the Income Tax Bill, 2025. Feb 4, 2025 · Download . On February 7, 2025, the new Income Tax Bill, 2025 was approved by the Cabinet and has now been tabled in the parliament. gov. Future Implications. Feb 15, 2025 · The Income Tax Bill 2025 also contains all amendments proposed in Finance Bill 2025. Feb 2, 2025 · New Income Tax Bill to be Introduced. Presenting her eighth consecutive budget, she said the government's development track record of the past 10 years and structural reforms have drawn global attention. The bill categorizes all taxpayer income under five main heads, one of which Feb 1, 2025 · Link to Download Finance Bill 2025. The core purpose of the new income tax bill 2025 is to simplify the existing Income Tax Act 1961, which for the longest time has been considered complex and difficult for taxpayers to understand. Spanning 622 pages, it contains 536 sections and 23 chapters, without introducing new taxes 1 day ago · The Income-Tax Bill 2025 introduces enhanced digital surveillance, allowing the Income Tax (I-T) Department to scan social media, emails, trading activity, and bank accounts to detect potential tax evasion. SBI Admit Card 2025: Download PO Admit Card for Tomorrow Exam 8th March at ibpsonline. 6 days ago · If enacted, it will replace the Income-Tax Act, 1961. This proposed bill aims to simplify and modernize the tax structure, replacing the current Income Tax Act of 1961, which itself replaced the original Income Tax Feb 1, 2025 · The objectives of the Direct Tax proposals are as follows: Personal Income Tax reforms with special focus on Middle Class: No income tax payable upto total income of Rs. Parliament in the current budget session. , Rs 12,70,588 being the break-even point where total tax liability as per slab equates with the income exceeding Rs 12 Lakhs Bill No. Feb 13, 2025 · New Income Tax Bill 2025 aims to simplify language by replacing complex terms with easier alternatives. The Goals of the Direct Tax Code 2025 Feb 4, 2025 · For income tax, the new tax slabs under the FY 2025-26 regime include no tax for income up to ₹4,00,000 and graduated rates for higher earnings. 1 day ago · In addition to the above, utility to check section of Income-tax Act, 1961 (as amended by Finance (No. indiabudget. on 17 February 2025. Budget, 2025 Feb 12, 2025 · Where can I download the New Income Tax Bill 2025 PDF? When will the New Income Tax Bill 2025 be implemented? Does the bill introduce new deductions for businesses? Feb 12, 2025 · Income Tax Bill 2025 Download Preview. The Bill will introduced in the Lok Sabha on February 10 during the ongoing Budget Session. 75 lakh for salaried taxpayers, due Feb 1, 2025 · The Finance Bill, 2025, introduced in the Lok Sabha on February 1, 2025, aims to implement the financial proposals of the Central Government for the fiscal year 2025-26. The government believes these changes will make tax compliance easier while ensuring a fair tax structure for all categories of taxpayers. While this move aims to improve tax compliance and curb fraud, it raises concerns about privacy and taxpayers’ rights. A key feature of the new bill is the restructuring of income tax slabs under the new tax regime, providing substantial relief to middle class taxpayers: Income up to ₹12,00,000: No tax. Since income PRS Legislative Research. Feb 10, 2025 · Potential Impact on Taxpayers · The Income Tax Act, 2025 is anticipated to be taxpayer-friendly, enhancing transparency and efficiency. 4% Feb 16, 2025 · Summary: The New Income Tax Bill 2025, effective from April 1, 2026, introduces key changes aimed at simplifying tax-related terms and procedures. ibps. 4 days ago · There was need to address such issues. Feb 11, 2025 · The government is set to introduce a new Income Tax Bill in Parliament to replace the existing Income Tax Act of 1961. Clause wise Details of the Bill: New Feb 13, 2025 · Download the new Income Tax Bill, 2025, introduced by the Indian government to simplify the existing Income Tax Act of 1961. Feb 12, 2025 · The New Income Tax Bill is set to be tabled soon by the Union Finance Minister Nirmala Sitharaman at the Lok Sabha. Revision of Tax Slabs for Personal Income Tax in New Tax Regime u/s 4 days ago · यह नया कानून छह दशक पुराने कर कानून (Income Tax Act, 1961) के ढांचे में एक बड़े बदलाव के रूप में बताया जा रहा। हालंकि, कानून बनने से पहले, एक चयन समिति इसकी समीक्षा Feb 17, 2025 · The new Income Tax Bill 2025, tabled in Parliament recently, is being seen by taxation experts as a landmark reform aimed at modernizing and simplifying India’s tax framework. The Bill retains most of the provisions of the 1961 Act. e. This would help in creating a better and efficient tax system. Now the Income-tax Bill, 2025 has been tabled in Parliament on 13th February 2025, marking a significant step toward simplifying the language and structure of the Income tax Act, 1961. Short title, extent and commencement. 1 lakh per month other than special rate income such as capital gains) under the new regime. This initiative addresses issues like bulky language, outdated provisions, and extensive cross-references, making the law concise and user-friendly. Utility to check section of Income-tax Act, 1961 (as amended by Finance (No. 2. Feb 5, 2025 · 2) Personal Income- tax Reforms with special focus on middle class: –The Budget 2025 announced that there will be no income tax payable upto income of Rs 12 lakh (i. Tax rates and regimes for individuals and corporations remain unchanged. Under the revised tax regime, the basic exemption limit has increased to ₹3 lakh, with a tax-free rebate for income up to ₹12 lakh under Section 87A. 2025-26) (Including Surcharge and Health & Education cess) Net tax savings Feb 4, 2025 · The object of this Bill is to amend Section 21 of the Income Tax Act, Cap. वित्त मंत्री निर्मला सीतारमण लोकसभा में 622 पन्नों का नया आयकर विधेयक पेश किया है,जो 64 साल पुराने 823 पन्नों Jul 24, 2024 · The Finance Minister, Smt. 1. 3% and 6. Feb 13, 2025 · The Income Tax Bill 2025 has been tabled in Lok Sabha, marking a step toward restructuring India's tax framework. The FM seems to have brought some cheer to Feb 19, 2025 · The need to simplify the existing tax laws, which are complicated more often than not, was first felt by the lawmakers in the year 2009. 4. EXTRAORDINARY PART II — Section 2 PUBLISHED BY AUTHORITY Feb 13, 2025 · The Income-Tax Bill, 2025 was introduced in Lok Sabha on February 13, 2025. This aligns India’s tax system with global standards and simplifies tax filing for NRIs. Promoted as “closing a loophole” in the state’s Timber Tax, HB 123 in fact creates a new tax on revenues generated from sales of carbon credits. The New Income Tax Bill 2025 has been designed to make tax compliance simpler and more user-friendly. Feb 5, 2025 · Govt released Income-Tax Bill, 2025 (Download) Empanelment with Bank of Maharashtra for Concurrent/Revenue audit (Last date 01. 6. These FAQs clarify the purpose behind the new bill, highlight key changes and explain what remains unchanged PPT - income tax bill 2025 pdf - Free download as PDF File (. Feb 1, 2025 · Govt released Income-Tax Bill, 2025 (Download) Empanelment with Bank of Maharashtra for Concurrent/Revenue audit (Last date 01. Jun 26, 2024 · The much-anticipated Income Tax Bill 2025 is set to be introduced in the Lok Sabha on February 13, 2025. Feb 27, 2025 · The Income Tax Department has introduced an online self-help tool that will help taxpayers understand the changes proposed in the Income Tax Bill 2025. The tool provides a Feb 21, 2025 · The new Income tax bill, 2025 is now reality with proposed implementation from thee F. The Finance Bill will be discussed in Parliament before its enactment, and it is likely that it will be amended based on these d 4 days ago · Overall, the Income Tax Bill 2025 aims to simplify tax laws, encourage digital and startup investments, and bring greater clarity in taxation policies for businesses and non-profits. Some efforts were made in between to rationalise the same. Feb 1, 2025 · Print PDF eBookUnion Budget 2025 Key features\\Finance Bill 2025 Direct Tax proposals Introduction of a scheme for determining arm’s length price of international transaction for a block period of three years. Y 2026-27 replacing the existing income tax act, 1961 with avowed purpose to simplify the most complex direct tax present form of laws to the tune of easy to do business and reducing the litigations. The new direct tax code is expected to be introduced in the Lok Sabha this week. When will the New Income Tax Bill take effect? If passed, it will apply from FY 2025-26. The bill aims to replace the existing tax laws with a streamlined framework that is easier to understand and comply with. The new bill seeks to make direct tax law simple to Feb 20, 2025 · The Income-Tax Bill 2025 simplifies how income is taxed, especially for salaried individuals. The Finance Minister has also tabled the Finance Bill 205, which has proposed various amendments to the tax and corporate laws. Feb 14, 2025 · 14 Feb 2025, 07:32:46 AM IST New Income Tax Bill 2025: Opposition leaders allege the Centre overlooked demands of non-BJP ruled states. Definition of “tax year”. The Gazette of India. txt) or read online for free. Income Tax Bill 2025: There has been a significant reduction in the text of new Income Tax Bill 2025, in comparison to the existing Income Tax Act, 1961. Direct Tax Proposals Introduction of a New Tax Bill. The Income Tax Act has undergone many changes since 1961, as certain changes are made to it every year through the Union Budget. Learn how DTC aims to simplify and modernize India’s tax system for better compliance and transparency. The Finance Minister introduced the Income-tax Bill, 2025 (the “Tax Bill”) in Parliament on February 12, 2025 Feb 11, 2025 · Post that, an individual will be required to pay full tax on their income as calculated by the new income tax slabs under the new tax regime. 1 day ago · In this article, we will explain the powers granted to the AOs under Section 247 of the Income Tax Bill, 2025. Downloaded: Click on the link to download Finance Bill 2025: Download here . This bill is designed to simplify tax Feb 17, 2025 · The New Income Tax Bill was introduced in the Lok Sabha on 13th February 2025. Feb 13, 2025 · NEW Income Tax Bill: In a major development, Finance Minister Nirmala Sitharaman has tabled the much-anticipated Income Tax Bill 2025 in the Indian Parliament today. 12. About Income-Tax Bill, 2025. This landmark legislation aims to simplify and modernize India's tax system, replacing the Income Tax Act of 1961, which has undergone multiple amendments over six decades. Income-tax Return. New Income Tax Rules 2025: Here’s what changes for business trusts, securitisation trusts & investment funds Feb 10, 2025 · 11 Feb 2025, 08:57:33 PM IST New Income Tax Bill LIVE News: Average tax under GST dips from 15. The hon’ble Finance Minister has indicated that a new Income Tax Bill Will be introduced in the parliament by second week of February 2025. These measures aim to reduce the tax burden for middle-income taxpayers and businesses while offering clearer planning for higher-income individuals. The document includes detailed Feb 15, 2025 · On February 13, 2025, Finance Minister Nirmala Sitharaman introduced, the Income Tax Bill 2025 in Parliament as a significant step towards simplifying India’s tax structure. Feb 12, 2025 · The New Income Tax Bill, 2025 set to take effect from April 1, 2026, represents a comprehensive overhaul of the existing tax framework. Feb 10, 2025 · The New Income Tax Bill 2025 aims to simplify tax laws, improve compliance, and reduce disputes. Key changes include the introduction of a 'Tax Year,' revised tax slabs, and updated salary deductions. The existing Income Tax Act, 1961 will undergo considerable simplification and will probably be replaced by the new act in coming days Feb 17, 2025 · New Tax Bill 2025 #pdf Submitted By: FCA Ramadurai Chandrasekaran. The new tax bill is part of a larger effort to reform the country’s tax system and aims to overhaul the existing tax structure to make it more streamlined and transparent. Definitions. Nirmala Sitharaman during her budget speech on February 1, 2025. dptzon ptzqvx mtksfo atqj aqwtrs qanq fqjr ffbpcke mrqfhx ibf jyaszyr ztkrkuc yqlz nrpah ooyqo