New Income Tax Bill: The Union Cabinet has approved the New Income Tax Bill, which aims to replace the 1961 Act by simplifying direct tax legislation. This proposed bill, featuring clearer ...

Budget 2025: Finance Minister Nirmala Sitharaman, in the Union Budget 2024, had proposed to revamp the Income Tax Act, 1961, to make it concise and easier to understand. It is expected that in the ...

The government has introduced a new Section-285BAA under the Income Tax Act of 1961, which makes it mandatory for investors to furnish details of their crypto transactions. They also included ...

is set to replace the current Income Tax Act, 1961, according to government sources cited by news agency PTI. The main objective of the bill is to streamline and modernise India's tax system by ...

The intention is to simplify compliance for taxpayers by reducing the complexity of the current Income Tax Act of 1961. It was announced that the new act will be around 50% in size of the present Act.

"We eagerly await the introduction of the New Income Tax Act which can be a real game changer of a reform. We are confident that it will be bring in more clarity and simplification in tax structure.

KINGSTON, Jamaica-The House of Representatives on Tuesday (January 14) passed amendments to the Income Tax Act, codifying the revenue measures that were announced in the 2024/25 Budget.

The proposed legislation aims to replace the six-decade-old Income Tax Act, 1961, with a concise, lucid, and comprehensible version, reducing the number of provisions by about 60 per cent.

which will replace the decades-old Income Tax Act of 1961. In her Union Budget 2025-2026 speech, Finance Minister Nirmala Sitharaman said that the new income tax bill -- a direct tax code aimed at ...

As Finance Minister Nirmala Sitharaman prepares for Budget 2025 announcements, several anticipated income tax reforms may impact salaried people. The upcoming budget may include reforms to aid ...

The new regime has brought the tax slabs down for the middle-income and low-income earners. Union Budget 2025 Highlights: According to the Income Tax Act of 1961, eligible taxpayers get a total ...

ITR deadline today, January 15, 2025: Taxpayers must noted that today is the deadline for filing your income tax returns (ITR) if you missed the original date or are submitting a revised return ...