ITR Filing Deadlines Under the New Income Tax (No. 2) Bill 2025: What You Need to Know The Income Tax (No. 2) Bill 2025 is set to redefine the landscape of tax filing in India. After receiving presidential assent, this landmark legislation will replace the 1961 Act, bringing significant changes, including revised deadlines for filing … Read more
The following information is based on the New Income Tax Bill, 2025, which has been passed by the Indian Parliament and is expected to come into effect from April 1, 2026. This bill replaces the Income Tax Act, 1961, and aims to simplify the tax system in India. The tax rates and slabs are consistent … Read more
Filing your income tax return (ITR) for the financial year 2024-25 (Assessment Year 2025-26) is a critical task, and understanding available deductions is key to managing your tax liability. For those opting for the old tax regime, Section 80G provides a valuable opportunity to save on taxes by supporting charitable causes. The government introduced Section … Read more
In a major overhaul of India’s tax system, Parliament has passed the Income Tax (No. 2) Bill, 2025, which will replace the Income Tax Act of 1961. The new legislation, introduced by Finance Minister Nirmala Sitharaman, is designed to simplify tax laws and modernize administration. Key Changes in the New Bill Based on recommendations from … Read more
The Ministry of Finance has introduced several measures to simplify income tax and GST processes for small taxpayers. These reforms are designed to ease the burden of compliance, reduce operational complexities, and promote voluntary tax filing. Income Tax Reforms The government has focused on simplifying income tax filing with several key initiatives: GST Reforms The … Read more
In July 2025, India’s Unified Payments Interface (UPI) hit a new high, with a staggering 19.46 billion transactions valued at over ₹25.08 lakh crore. The data from the National Payments Corporation of India (NPCI) shows how UPI has become an integral part of daily life, from small purchases to major bill payments. The Breakdown: P2M … Read more
Major Tax Relief for Retirees: Income Tax Bill 2025 Grants Full Exemption on Commuted Pensions The Income Tax Bill, 2025, which recently passed the Lok Sabha, is set to bring a significant change to how retirees’ commuted pensions are taxed. The bill grants a full tax deduction on commuted pensions for all taxpayers, regardless of … Read more
Still No Relief for Small Taxpayers: Refunds Still Require ITR Filing Under New Law The new Income Tax Bill 2025 has been a source of both hope and frustration for many. While it adopted several recommendations from a parliamentary panel, it failed to include one crucial change that would have significantly eased the burden on … Read more
New Income Tax Bill 2025: What Small Taxpayers Need to Know A new tax bill, passed by the Lok Sabha, has clarified some rules for taxpayers, but a key change many hoped for hasn’t been included. Here’s a breakdown of the two major points: 1. Small Taxpayers Must Still File to Get a Refund Despite … Read more
New Income Tax Bill 2025: Authorities Given Digital Access Powers During Search Operations The Indian government has passed a new Income Tax Bill that significantly revises Section 132 of the Income Tax Act, 1961. This amendment grants tax authorities explicit powers to access digital records during sanctioned search and seizure operations, addressing the challenges of … Read more
