Last Updated:February 13, 2025, 15:05 IST New Income Tax Bill 2025: The Bill seeks to replace 298 sections and 14 schedules in the existing Income Tax Act, 1961, with a 622-page new law enshrined in 536 sections, 23 chapters and 16 schedules. New Income Tax Bill proposes to replace the words ‘assessment year’ and ‘previous…
Last Updated:February 14, 2025, 10:35 IST As compared to the Income Tax Act, 1961, the new Income Tax Bill 2025 proposes to remove proviso and explanations, and wherever necessary, tables have been inserted in to make it more clear and legible. Income Tax Bill, 2025, Vs Income Tax Act, 1961. New Income Tax Bill 2025…
Last Updated:February 16, 2025, 14:17 IST The income tax department has launched a simple tool to help taxpayers compare taxes under the New Tax Regime for FY 2024-25 and FY 2025-26 (after budget proposal). Income Tax Calculator. Income Tax Calculator: Even as the new Income Tax Bill, 2025, has been introduced in Parliament, it seeks…
Last Updated:February 17, 2025, 14:23 IST On reforms, Finance Minister Nirmala Sitharaman says over 40,000 compliance norms, rules, regulations have been completely removed for the ease of doing business. Finance Minister Nirmala Sitharaman speaks at a post-Budget interaction with stakeholders from India Inc in Mumbai. The government has kept the steps on reforms going, with…