The Income Tax Bill 2025 seeks to create a more transparent and efficient tax framework for Non-Resident Indians (NRIs) by addressing long-standing concerns and reducing litigation risks, according to tax experts. The government’s attempt to enhance readability and remove ambiguities in the new Bill is expected …
The much-anticipated new Income Tax Bill has put an end to speculation regarding the abolition of the old tax regime, confirming that it will continue to coexist with the new regime. The Bill, once introduced, will be referred to the department-related Standing Committee on Finance for …
In a significant update ahead of the Budget 2025-26, Finance Secretary Tuhin Kanta Pandey confirmed that the upcoming New Direct Tax Code Bill will not introduce any new taxes. Pandey clarified that the bill, set to be introduced in the Budget session of Parliament by Finance Minister Nirmala Sitharaman, focuses on structural reforms rather than altering tax …
Extension of exemption to Specified Undertaking of Unit Trust of India (SUUTI) SUUTI was created by the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002 . It is the successor of the erstwhile Unit Trust of India (UTI) and is mandated to liquidate the Government …
In the Union Budget 2025 presented on February 1, Finance Minister Nirmala Sitharaman announced significant changes to the income tax structure aimed at increasing disposable income and stimulating economic growth. The key highlights of the new tax regime are: New tax regime: up to Rs 4 …
In a significant move to streamline tax administration and align with global financial regulations, the Central Board of Direct Taxes (CBDT) issued Notification No. 10/2025 on January 27, 2025. This notification, officially titled the Income-tax (Second Amendment) Rules, 2025, introduces critical amendments to the Income-tax Rules, 1962. …
The sale of property in India has tax implications which depend on various factors like the type of property, holding period, and the residential status of the seller. Basically, it attracts capital gains tax. Following is an overview: 1. Nature of Capital Gains Holding period i.e. …
India is adopting a cautious stance on implementing the OECD-led Pillar 2 tax regime, which mandates a 15% minimum corporate tax rate for multinational enterprises (MNEs) with global revenues exceeding €750 million. Though the government may soon include an enabling provision in the Income Tax Act …
The Income Tax Department has launched the latest version (1.1.7) of the Common Offline Utility for filing Income-tax Returns (ITR) 1 to ITR 4 for Assessment Year 2024-25. This update, released on October 25, 2024, enhances the user experience and simplifies the return filing process for …
