The Income Tax Department has introduced an online self-help tool to assist taxpayers in understanding the proposed changes in the Income Tax Bill 2025. Available on the official income tax website, this tool allows users to compare provisions of the new bill with the existing Income Tax Act, of 1961, offering a structured and simplified …
The new Income-Tax Bill 2025 has kept the current due dates for filing Income Tax Returns (ITR) unchanged, ensuring continuity for taxpayers. This move provides clarity and helps taxpayers follow familiar timelines without confusion. ITR Filing Deadlines Remain the Same The bill maintains the existing due dates for different taxpayer categories: Individuals and salaried taxpayers …
The government announced its decision on February 1, 2025, to discontinue the Sovereign Gold Bond (SGB) scheme due to high borrowing costs. Since its launch in 2015, the scheme aimed to reduce physical gold imports while offering investors gold-linked returns along with semi-annual interest payments. With no new issuances planned, many investors turned to the …
India’s net direct tax collection, which includes corporate tax and personal income tax, witnessed a growth of 14.69%, surpassing ₹17.78 lakh crore as of February 10, 2025. This marks an increase from ₹15.51 lakh crore in the corresponding period of the previous financial year, as per data released by the Central Board of Direct Taxes …
Finance Minister Nirmala Sitharaman is set to introduce the new Income Tax Bill 2025 in the Lok Sabha today, February 13, 2025. As per the revised business list on the Lok Sabha website, the bill is expected to be introduced anytime between 11 AM and 3:30 PM. The bill, part of the Parliament’s Legislative Business, …
The much-awaited Income Tax Bill is set to be approved by the Union Cabinet today, clearing the way for its introduction in Parliament next week. The bill is expected to simplify the country’s tax structure, reduce litigation, and enhance transparency without introducing any new taxes. Key Updates on the New Income Tax Bill The Union …
In her Budget 2025 speech, Finance Minister Nirmala Sitharaman announced a major relief for individuals earning up to ₹12 lakh by exempting them from income tax. With the ₹75,000 standard deduction, the exemption limit effectively rises to ₹12.75 lakh. While the tax slabs for higher incomes remain unchanged, the introduction of a rebate up to …
The government has extended the time limit for filing updated tax returns from 2 years to 4 years, allowing taxpayers more flexibility to correct errors in their filings. What is an Updated Tax Return? The updated return facility, introduced in 2022, lets taxpayers voluntarily correct mistakes or omissions in their original or belated tax returns. …
The Union Budget 2025 has raised the income tax exemption threshold to ₹12 lakh. This means individuals earning up to ₹12 lakh will not have to pay any tax. For salaried individuals, the limit effectively increases to ₹12.75 lakh due to a ₹75,000 standard deduction under the new tax regime for FY 2025-26. This tax …
Union Finance Minister Nirmala Sitharaman presented the Union Budget 2025-26 at 11 AM today. The Budget 2025, focused on providing tax relief to the middle class. One of the most significant announcements was an increase in the rebate limit under the new tax regime, ensuring that individuals earning up to ₹12 lakh annually will not …
