An extensive overhaul of India’s tax system is on the horizon with the introduction of the Income Tax Bill 2025, which was first presented to the Lok Sabha on February 13, 2025. The government’s goal is to modernize tax administration by simplifying laws, reducing litigation, and making compliance easier for everyone. Key Changes and Simplifications … Read more
Income Tax Bill 2025 Set to Be Tabled in Parliament on August 11 The Income Tax Bill, 2025, a landmark legislative proposal aimed at modernizing and simplifying India’s tax laws, is scheduled to be tabled in Parliament on August 11. This follows its initial introduction by Finance Minister Nirmala Sitharaman on February 13, 2025. The … Read more
You’ve provided a comprehensive article about the Income Tax Bill 2025 and the LTCG tax confusion, particularly concerning LLPs. To “rewrite” it, I need to know what kind of rewrite you’re looking for. Please tell me: In the meantime, I can offer a few general types of rewrites based on common requests: Option 1: Short, … Read more
A significant overhaul of India’s tax system is underway with the proposed Income Tax Bill, 2025. The Select Committee tasked with reviewing the bill has submitted its report to the Lok Sabha, recommending 285 changes to simplify the legislation and make it more taxpayer-friendly. This report was presented to the Lok Sabha on Monday, July … Read more
A parliamentary panel has recommended over 500 changes to India’s draft Income Tax Bill, 2025, aiming to simplify and modernize the country’s tax system. A key suggestion offers a significant break for taxpayers: allowing them to claim TDS (Tax Deducted at Source) refunds even after missing the Income Tax Return (ITR) deadline, without facing penalties. … Read more
A Parliamentary Panel has proposed significant amendments to the anticipated Income Tax Bill, 2025, specifically addressing concerns around Tax Deducted at Source (TDS) refunds and the taxation framework for trusts. The report, presented to the Lok Sabha on Monday, July 21, 2025, by the Select Committee chaired by BJP MP Baijayant Panda, aims to refine … Read more
Lok Sabha Select Committee Presents Report on New Income Tax Bill New Delhi, India – The Select Committee of the Lok Sabha today, Monday, July 21, 2025, submitted its much-anticipated report on the Income Tax Bill, 2025, to the House. BJP leader Baijayant Panda, who chairs the 31-member panel, handed over the report to the … Read more
The Indian government is reportedly planning to amend a controversial provision in the new Income Tax Bill, 2025, bringing significant relief to taxpayers. This move aims to fix a contradiction in the bill regarding tax refunds. The Contradiction Currently, Section 433 of the new I-T Bill states that taxpayers can claim a refund by filing … Read more
A parliamentary committee reviewing India’s Income Tax Bill, 2025, is set to recommend clarifying the language in some clauses to remove ambiguity, rather than proposing any major overhauls. This suggests the focus is on simplification and clarity within the existing framework. The committee, led by BJP MP Baijayant Panda, is expected to submit its report … Read more