In a move to simplify India’s direct tax laws, the Indian government has withdrawn the Income-Tax Bill, 2025, which was originally introduced on February 13. A new and revised version of the bill is set to be tabled on August 11. The decision to withdraw the initial draft came after a Select Committee, led by … Read more
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
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
Home Minister Amit Shah has announced that India is on the cusp of a significant overhaul of its Goods and Services Tax (GST) system, signaling the advent of what’s being dubbed “GST 2.0.” This next phase aims to refine the existing tax structure, which was introduced in July 2017 to unify India’s fragmented indirect tax … 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
The GST Council is set to shake up India’s tax structure by potentially eliminating the 12% tax slab, reducing the total number of major slabs from four to three. This significant move, aimed at simplifying the Goods and Services Tax (GST) framework, is expected to be discussed at the Council’s meeting in late June or … Read more
The Indian finance ministry is in talks with industry leaders about GST 2.0, a potential overhaul of the Goods and Services Tax. With GST nearing its eighth anniversary in July, the aim is to simplify the complex tax structure and address existing challenges. Why the Push for GST 2.0? Currently, India’s GST operates with multiple … Read more