In a major legislative move, Finance Minister Nirmala Sitharaman on Monday, August 11, 2025, introduced The Income-Tax (No. 2) Bill, 2025 in the Lok Sabha. This new bill aims to replace the outdated Income Tax Act of 1961 with a modern, streamlined framework. The government withdrew the previous version to incorporate 285 recommendations from a … Read more
In a significant move for Indian taxpayers, Finance Minister Nirmala Sitharaman has introduced the Taxation Laws (Amendment) Bill, 2025, aimed at providing crucial tax relief for subscribers of the newly launched Unified Pension Scheme (UPS). The bill, presented in the Lok Sabha on Monday, August 11, 2025, extends the same tax exemptions and deductions available … Read more
Finance Minister Nirmala Sitharaman has introduced a new Income Tax Bill 2025 in the Lok Sabha, which aims to replace the six-decade-old Income-Tax Act of 1961. This revised draft, tabled on August 11, 2025, incorporates most of the recommendations from a Select Committee headed by Baijayant Panda. The government had previously withdrawn an earlier draft … Read more
Status of ITR-6 and ITR-7 Utilities As of August 11, 2025, the Income Tax Department has released the Excel-based utility for ITR-5 but has not yet released the utilities for ITR-6 and ITR-7. This delay has been noted by tax professionals, who are advising taxpayers to keep a close watch on official updates. What does … Read more
On Monday, August 11, 2025, the Income Tax Bill, 2025, is scheduled to be tabled in the Lok Sabha. This bill aims to replace the Income Tax Act of 1961 with a simpler, more modern framework, with the new law set to take effect on April 1, 2026. Key Highlights of the New Bill Relief … Read more
ITR Filing Deadlines for FY 2024-25 (AY 2025-26) The Income Tax Department has announced key deadlines for filing Income Tax Returns (ITR) for the Financial Year 2024-25 (Assessment Year 2025-26). Here’s a breakdown of the due dates for different categories of taxpayers: 1. Non-Audit Cases: 2. Audit Cases: 3. Transfer Pricing Cases:
Union Finance Minister Nirmala Sitharaman is set to introduce a new, revised Income Tax Bill, 2025, in the Lok Sabha. This new legislation will replace a previous draft that was withdrawn following extensive feedback from a parliamentary committee. The government’s decision to withdraw the initial bill and introduce a new one is aimed at ensuring … Read more
Filing Your Income Tax Return: A Quick Guide to Common Questions Filing an Income Tax Return (ITR) is a crucial annual task for many, but the process can often raise questions. Whether you’re a salaried employee, a freelancer, or a business owner, understanding the basics can make the process smoother. Here are the answers to … Read more
Key Changes in the New Income-tax Bill, 2025 The revised Income-tax Bill, 2025, is set to replace the decades-old Income-tax Act of 1961 with a modern, simplified, and more transparent direct tax code. The government withdrew the original draft to incorporate over 285 recommendations from a parliamentary Select Committee, ensuring a smoother legislative process. What … Read more
Based on the provided text, finfluencer Akshat Shrivastava‘s post can be rewritten to more clearly and concisely present his core arguments about why India’s wealthy are leaving. The Double-Whammy: Why India’s Rich Are Leaving Financial influencer and founder of Wisdom Hatch, Akshat Shrivastava, argues that India is losing its millionaires not just because of high … Read more
