New Tax Bill Brings Major Changes for Pensions and Withdrawals The Lok Sabha has approved the new Income-Tax (No. 2) Bill, 2025, which aims to replace the 60-year-old Income-Tax Act of 1961. This landmark legislation, introduced by Finance Minister Nirmala Sitharaman, is designed to streamline the tax code and provide more clarity for retirees and … Read more
New Income-Tax Bill 2025: A Major Overhaul for Taxpayers The revised Income-Tax (No. 2) Bill, 2025, approved by the Lok Sabha, is set to replace the decades-old Income-Tax Act of 1961. The new legislation aims to simplify India’s direct tax framework with several key changes. Key Reforms According to Dinkar Sharma of Jotwani Associates, these … Read more
The Lok Sabha Select Committee has corrected a drafting error in the revised Income Tax Bill 2025, ensuring that the rules for charging interest on advance tax shortfalls remain unchanged from the current law. This correction means that there is no increase in the financial burden on taxpayers. What This Means for Taxpayers The initial … Read more
New Income Tax Bill 2025: A Win for All Savers The newly revised Income Tax Bill 2025 is set to equalize tax treatment on commuted pensions, a move hailed as a victory for all retirement savers. Under the new rules, the entire amount of a commuted pension from approved funds, such as the LIC Pension … Read more
ITR Filing Made Easy with JioFinance App, Starting at ₹24 Jio Financial Services Limited (JFSL) has launched a new tax planning and filing module within its JioFinance app, making it simple and affordable to file your Income Tax Return (ITR). This new feature, developed in partnership with TaxBuddy, offers both self-service and expert-assisted options. For … Read more
How the New Income Tax Bill, 2025 Impacts Your Finances: 5 Key Questions Answered The Indian government has introduced the Income-tax Bill, 2025, a landmark piece of legislation aimed at replacing the 65-year-old Income-tax Act, 1961. Introduced by Finance Minister Nirmala Sitharaman, the new bill incorporates recommendations from a parliamentary select committee to simplify tax … Read more
Revised Tax Bill 2025: Key Changes to House Property Income Rules The revised Income Tax Bill, 2025, has introduced important clarifications for “Income from House Property” that will affect homeowners, particularly those with rental properties. Clause 22 of the new bill resolves two long-standing ambiguities, ensuring the new tax law aligns with existing practices. 1. … Read more
While the new Income Tax Bill, 2025 is designed to simplify tax laws and help taxpayers, it still contains a significant catch for small earners. What’s New and What’s Missing The bill, based on recommendations from a parliamentary panel led by BJP MP Baijayant Panda, now allows taxpayers who file returns after the due date … Read more
New Income Tax Bill 2025 Passed by Lok Sabha The Lok Sabha has passed the Income-Tax (No. 2) Bill, 2025, a major legislative update that will replace the decades-old Income Tax Act, 1961. The new law aims to modernize India’s tax system by simplifying compliance and leveraging technology to expand the tax base. Finance Minister … Read more
