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
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
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 This new bill aims to replace the outdated Income Tax Act of 1961 with a modern, streamlined framework.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
