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Income Tax Act 1961 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.

14 Jan 2023

Woman not a chattel, marriage won't take away her identity: SC on IT provision

The apex court noted that a woman is not a chattel and has her own identity. It said that merely the fact of being married to a non-Sikkimese cannot take away that identity. The verdict was delivered by a bench of Justices M R Shah and B V Nagarathna observed. The bench noted that there is no disqualification for a Sikkim man, who marries a non-Sikkimese after 01.04.2008.

Income Tax Act 1961

30 Sep 2022

Tax Audit Due Date: Taxpayers demand last date extension

September 30 is the last day for income tax audit report filing. The tax audit takes place under Section 44B. As per section 271B of the Income Tax Act, 1961, any delay in compliance may attract a penalty.

Income Tax Act 1961

19 Sep 2022

Good news for taxpayers! Check how new Income Tax guidelines will benefit you

CBDT comes out with revised guidelines for compounding of some offences under the Income Tax Act, 1961 CBDT has decriminalised offences punishable under Section 276 of the Act Section 276 of the Income Tax Act had a provision for punishing a taxpayer with rigorous imprisonment

Income tax return

21 Jul 2022

Here’s why you should submit income tax return before deadline

The last date for filing ITRs is 31st July for FY 2022 You can visit www.incometaxindiaefiling.gov.in to file ITRs

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