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: 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
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
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
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
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
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
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