The Income Tax Bill 2025: A milestone in simplification
Over six decades of amending the income tax law has made it an unwieldy legislation, increasing the incidence of litigation. The new income tax bill tabled in Parliament on February 13 tries to cut through the complexity and offer stakeholders a simpler legislation.
Tax Reform for the Future: Understanding the changes in the Income Tax Bill 2025
By trimming word count by 40-50% and eliminating confusing phrases, the new Income Tax Bill makes itself more accessible to the common tax payer. It also aligns with global best practices
New Income Tax Bill: Section 80C tax-saving deductions now under clause 123
The new Income Tax Bill, tabled today in the Lok Sabha, retains all the deductions and exemptions but under new section numbers
New Income Tax Bill: Expect simplified rules, digital focus, and reduced litigation
The proposed I-T Bill would introduce the concept of ‘tax year’ to replace the financial year and is likely to be 622 pages long with 536 sections. However, it is unlikely to introduce drastic changes, say experts.
On fiscal federalism, all CMs sail in the same boat
Gujarat, Haryana and Odisha joined Kerala and Tamil Nadu in asking the Finance Commission for a 50 percent devolution in central taxes. It shows that the fiscal pressure states experience is structural in nature and has nothing much to do with the political colour of the chief minister
Taxonomy for climate finance should be ready in 6 months: DEA secretary
Finance Minister Nirmala Sithraman in her Budget 2024-25 had announced a proposal for developing a taxonomy for climate finance.
No need to wait for Budget for Income Tax Relief! New Income Tax Bill may have unique features, likely to get cabinet nod today
Apart from tax relief provisions, the bill may introduce several structural and linguistic reforms. Such as replacing the term “Assessment Year” with “Tax Year”, eliminating British era references like “notwithstanding”, simplifying legal language by removing separate explanations and provisos, making tax clauses self-explanatory.
India accuses Kia of evading taxes of $155 million in VW-like dispute: Report
Kia competes with Hyundai and Maruti Suzuki in the world's third-largest auto market, where it has a share of 6% of roughly 4 million units a year, and its Kia Seltos and Sonet SUVs are among the top sellers.
Will your Rs 12-lakh salary enjoy ‘nil’ tax even with additional STCG income? Here’s what experts say
Chartered accountants differ on a salaried taxpayer’s eligibility for the tax rebate if her total income—including special rate income such as short-term capital gains—is over Rs 12 lakh but the salary component itself does not exceed the threshold. The income tax department ought to explicitly clarify its position on the rule, they say.
Budget 2025: Extravagant in rhetoric, eminent in direction
When a larger share of the income pie goes to labour – rather than capital -- consumption will get a sustained boost, and complement the tax breaks given to the middle class. The former is structural, the latter a one-time measure. The budget made a reassuring beginning by focusing on labour-intensive sectors to boost employment
What Budget 2025 means for salaried taxpayers, senior citizens and investors
Tax measures announced in Budget 2025 will have a wide-ranging impact on individual taxpayers across income brackets, as also senior citizens, students and outbound travellers.
Budget 2025 for the middle-class: The hits and the misses
The middle-class has a lot of cheer for, as the tax savings under the new regime will be significant, but there are some nitty-gritties that the Budget could have taken care of, to make their lives easier, say tax experts.
Volkswagen sues India to quash 'enormous' $1.4 billion tax demand, legal filing shows
In the biggest ever import tax demand, India in September slapped a $1.4 billion tax notice on Volkswagen for using a strategy to break down imports of some VW, Skoda and Audi cars into many individual parts to pay a lower duty.
How FM Nirmala Sitharaman's Budget will help the middle class
Overall, the Budget focuses on providing significant benefits to the middle class by reducing the tax rates and thereby increasing the take home pay for individuals. It is clear that the Budget is aiming to further promote adoption of the new regime.
No tax on GIFT City Ulip maturity proceeds even if premiums exceed Rs 2.5 lakh per year
Regular Ulips’ maturity proceeds attract tax if their annual premiums exceed Rs 2.5 lakh. However, Budget 2025 has granted a concession to Ulips sold by insurance companies’ GIFT city branches.
Tax-to-GDP Ratio: Strategic economic blueprint to tax proposals
Tax proposals spanning rate changes, process simplification and the imminent introduction of a new income tax bill to overhaul the system set the stage for creating a robust fiscal base.
Boost to shareholders as budget doubles TDS threshold for dividend income to Rs 10,000
At present, companies distributing dividends are required to deduct Tax Deducted at Source (TDS) at a rate of 10% on dividends exceeding Rs 5,000 in a financial year.
Selecting the beneficial tax regime: Without HRA, old regime makes little sense; new regime scores across income slabs
The new, simplified tax regime is now a clear winner in the case of most tax slabs, show Deloitte calculations. In case of annual income of over Rs 24 lakh, the old regime will result in higher savings, only if you claim deductions worth more than Rs 8 lakh.
Hike in basic exemption limit, rejig of tax slabs mean big savings for taxpayers under the new regime
Tax-payers across income brackets will benefit from the increase in basic exemption limit from Rs 3 lakh to Rs 4 lakh and wider tax slabs under the new, simplified tax regime. The enhanced tax rebate limit will benefit those with incomes of up to Rs 12 lakh.
NPS Vatsalya now eligible for tax deduction of Rs 50,000 under old regime
Sitharaman announced that NPS Vatsalya will now be treated at par with regular NPS accounts
Budget pegs FY26 gross tax collection at Rs 42.7 lakh crore, up 11%
The projected increase aligns with the government's strategy to enhance revenue generation while maintaining fiscal discipline.
Centre plans to make disclosure of transactions mandatory for crypto exchanges
The government has now proposed to insert section 285BAA in the Act, which make it compulsory to furnish transaction information of crypto assets.
Cat 1 and Cat 2 AIFs investing in infra to get certainty on taxes
"To promote funding from sovereign wealth funds and pension funds to the infrastructure sector, I propose to extend the date of investment to five more years, she added."
Big boost to the middle class: No tax on incomes up to Rs 12 lakh under the new regime, says FM
Budget 2025 also rejigged tax slabs and rates under the new tax regime and increased the basic exemption limit from Rs 3 lakh to Rs 4 lakh. However, as expected, old tax regime slabs and rates will remain unchanged.
