CBDT Chairman Confirms Work on Rules & Forms for Income Tax Bill 2025 | Tax Reform Underway New Delhi – The Income Tax Department has officially begun the groundwork to frame the rules, forms, and procedures under the upcoming Income Tax Bill, 2025, which aims to …
As the financial year nears its end and salaried professionals across India gear up for tax filings, an unusual and baffling incident has emerged from Gujarat. A tea stall worker, Asif Mohammed, has reportedly received an income tax notice demanding a staggering ₹115 crore in tax …
The Select Committee of the Lok Sabha on the proposed Income-Tax Bill, 2025 convened a crucial meeting today at Parliament House, New Delhi. Chaired by BJP Member of Parliament Baijayant Panda, the 31-member panel is actively reviewing the draft legislation aimed at overhauling and streamlining India’s income tax laws. …
The Income Tax Bill, 2025 has been introduced in Parliament and is currently under examination by the Select Committee for detailed consideration. Stakeholders are encouraged to continue submitting their suggestions on the provisions of the Bill, which will be compiled and forwarded to the Select Committee …
The Income Tax Bill, 2025, which aims to simplify and restructure the existing Income-tax Act, 1961, has been tabled in Parliament. With taxpayers seeking clarity on the new tax regime, special rate provisions, and compliance requirements, here are some important takeaways: No Need to Opt for the New Tax …
The Income Tax Bill, 2025, aims to make income tax return (ITR) filing more structured and user-friendly. With streamlined provisions for taxpayers, exempt entities, and return deadlines, the proposed changes focus on better clarity and accessibility. Here’s how the new framework will impact taxpayers: 1. Easier Understanding of Return Filing …
The recently introduced Income Tax Bill, 2025, in the Lok Sabha has sparked concerns among taxpayers regarding their eligibility for income tax refunds if they file their Income Tax Return (ITR) after the due date. Several experts have pointed out that Clause 263(1)(a)(ix) of the new tax bill mandates …
In a major step towards tax reforms, Union Finance Minister Nirmala Sitharaman announced that the government has received more than 60,000 inputs from citizens for the upcoming Income Tax Bill, 2025. Speaking at a post-Budget event, she emphasized that the review of the Income-Tax Act, 1961, …
