Tag Archives: Income Tax Act 1961

The new income tax regime offers lower tax rates and higher standard deduction compared to the old tax regime. (AI image) ITR filing FY 2024-25 (AY 2025-26): When filing your income tax return every year, the choice between the old and the new income tax regime is an important one. The new income tax regime offers lower tax rates and …

NEW DELHI: The Central government has introduced changes to the Income Tax Act, 1961, expanding the scope of the Tax Collected at Source (TCS) on luxury goods. Starting April 22, 2025, TCS will be applicable to ‘specified range’ of luxury goods valued over ten lakh rupees, including items like wristwatches, art pieces, yachts, and more.Below are comprehensive FAQs on the …

New Income Tax Bill: Largely, there are no changes to the definition of residency or even salary related provisions for that matter. By Parizad SirwallaNew Income Tax Bill 2025: Representing a historic milestone in India’s tax landscape, Hon. Finance Minister – Madam Nirmala Sitharaman has presented the Income Tax Bill, 2025 (Bill) in the Parliament on 13 February 2025.The current …

New Income Tax Bill 2025 (AI image) New Income Tax Bill 2025: Finance Minister Nirmala Sitharaman has tabled the New Income Tax Bill in Lok Sabha on Thursday, comprising 536 clauses across 622 pages, with an aim to replace the existing 823-page law that has been in effect for 64 years. The New Income Tax Bill 2025, written in clearer …

The Union Cabinet approved the New Income Tax Bill on Friday. New Income Tax Bill LIVE: Finance Minister Nirmala Sitharaman may table the New Income Tax Bill in the Parliament on Tuesday. The intention to introduce the New Income Tax Bill was first announced by FM Sitharaman in her Union Budget 2025 speech.The Union Cabinet approved the New Income Tax …