Arvind Panagariya (File photo) NEW DELHI: India’s aim to emerge as a developed country by 2047 is a ” realisable ambition”, said Arvind Panagariya, chairman of the 16th Finance Commission, while also stressing that the country’s per capita income would need to grow at 7.3% in dollar terms to achieve the threshold of $14,000 over…
Officials will target recurring defaulters, examine instances showing significant variations between tax deduction and advance tax payment. (AI image) Taxpayers take note! The Income Tax Department plans to initiate a countrywide action against defaulters who have not deposited their TDS/TCS, according to officials. Based on tax deductions in FY22-23 and FY23-24, nearly 40,000 taxpayers are…
Various allowances within the new income tax regime can assist in reducing the taxable income to the Rs 12 lakh limit. Latest income tax calculation post Budget 2025: Starting April 1, 2025, individuals earning up to Rs 12 lakh in taxable income under the new income tax regime will not need to pay any tax….
अगर किसी की income 12 लाख रुपये से कम होगी तो भी उसको income टैक्स रिटर्न दाखिल करना होगा। देखिये taxpayers को रिटर्न दाखिल करने से तभी छूट मिलती है जब basic exemption limit का उल्लंघन न हो, तो आपको आयकर रिटर्न दाखिल करना पड़ सकता है, चाहे आपकी कुल आय 12 लाख रुपये से…
New Income Tax Bill: Largely, there are no changes to the definition of residency or even salary related provisions for that matter. By Parizad SirwallaNew Income Tax Bill 2025: Representing a historic milestone in India’s tax landscape, Hon. Finance Minister – Madam Nirmala Sitharaman has presented the Income Tax Bill, 2025 (Bill) in the Parliament…
ITR filing: The zero-tax income threshold has been increased from Rs 7 lakh to Rs 12 lakh. Income Tax Slabs FY 2025-26 after Budget 2025: Finance Minister Nirmala Sitharaman’s big announcement that taxpayers will no longer have to pay tax for income up to Rs 12 lakh from FY 2025-26 onwards has been met with…
New Income Tax Bill 2025 FAQs Answered New Income Tax Bill 2025: Finance Minister Nirmala Sitharaman introduced the New Income Tax Bill 2025 in Lok Sabha earlier this week. The New Income Tax Bill is expected to replace the decades old Income Tax Act 1961. It is less complicated and easier for the taxpayer to…
NEW DELHI: Lok Sabha Speaker Om Birla on Friday constituted a 31-member select committee to review the Income Tax Bill, with BJP’s Baijayant Panda leading the panel.Nishikant Dubey, Anil Baluni, Deepender Singh Hooda (Congress), and Supriya Sule are among the 31 members of the panel. The committee is required to submit its report by the…
Key aspects of the New Income Tax Bill 2025 are given below: By Gaurav Mehndiratta and Siddharth Kaul New Income Tax Bill 2025: After the third term re-election of the Indian Government, in the Budget speech, the finance minister (FM) announced a comprehensive review of the Income Tax (IT) Act, focusing on four primary pillars:…
New Income Tax Bill: Taxpayers are quite keen to understand how these changes will impact their tax matters and responsibilities. By Rama KarmakarNew Income Tax Bill 2025 explained: The proposed Income Tax Bill, 2025 (‘new bill’) expected to come into effect on 01 April 2026, which will replace the existing Income Tax Act, 1961 (‘Act’),…