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 …
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. …
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 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 …
As the assessment year 2025-26 approaches, many individuals are unsure whether they should file an Income Tax Return (ITR) if their income falls below the taxable limit. While it may not always be mandatory, filing an ITR can be highly beneficial in several ways. When Is Filing ITR Mandatory? Filing an ITR is required if …
The year 2024 witnessed transformative changes to India’s income tax laws, significantly impacting how taxpayers will file their Income Tax Returns (ITRs) in 2025. Introduced amidst the backdrop of general elections, these reforms, effective from FY 2024-25, include revamped tax slabs, simplified capital gains taxation, and rationalised TDS rates. Here’s an in-depth look at the …
The last day to file belated or revised ITR (Income Tax Returns) for the AY 2024-25 is January 15, 2025. The CBDT (Central Board of Direct Taxes) has extended the original deadline of December 31, 2024, by 15 days to give taxpayers extra time. Filing a Revised ITR Taxpayers who have already filed their ITR …
The government reported a significant surge in net direct tax collections for the period April 1, 2024, to January 12, 2025, reaching ₹16.90 lakh crore. This reflects a year-on-year growth of 15.88%. The gross direct tax collections also experienced robust growth, highlighting the steady momentum in tax compliance and economic activity during this fiscal year …
