Taxpayers can now easily compare sections of the Income Tax Act, 1961, with corresponding clauses in the new Income Tax Bill, ...

New Income Tax Bill, 2025 simplifies tax laws, reduces word count, introduces 'tax year', and enhances readability for ...

However, it is noteworthy that the current Bill is expected to undergo a lot of changes since the income tax portal is still ...

New income tax bill is believed to a historic bill since it will replace the current legislation, which was enacted way back ...

Explore overview of Income Tax Bill 2025, major tax reform simplifies laws, enhances compliance, & introduces digital ...

Summary: The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman, focused on reforms in taxation, agriculture, MSMEs, and exports. Direct tax proposals included no tax on incomes up to ...

You can log in to the income tax e-portal and give your suggestions along four different criteria. These are simplification of language, reducing litigation, obsolete provision and reducing compliance ...

The new tax regime is the default tax regime. Currently, the highest tax rate of 30% is applicable from net taxable income ...

The new Income Tax Return (ITR) filing portal 2.0 which was launched on June 7, 2021, is a simpler and user friendly than ITR portal 1.0 but like any new technology, this 2.0 portal is also ...

Anyone earning Rs 2.5 lakh or more in India must file an ITR. This rule applies to everyone, not just high-income earners. Missing the deadline can get pricey. Late filers face penalties up to Rs ...