Summary: Effective from September 1, 2024, the Budget 2025 amendments introduce block assessment procedures for search cases under Sections 158B to 158BI of the Act. A block period now includes six ...

The government has tried to remove redundancies in the Income Tax Act-1961, under the Bill to be tabled next week. The language has been made simpler, to the extent feasible, and the presentation ...

The new income tax law will replace the existing Income Tax Act of 1961. The tax Bill is being brought to make the tax process simple and clear. The new income tax law will be in simple language ...

The new legislation simplifies language, aligns 'tax year' with the financial year, and maintains structural elements and ...

Budget 2025: Finance Minister Nirmala Sitharaman, in the Union Budget 2024, had proposed to revamp the Income Tax Act, 1961, to make it concise and easier to understand. It is expected that in the ...

The government has introduced a new Section-285BAA under the Income Tax Act of 1961, which makes it mandatory for investors to furnish details of their crypto transactions. They also included ...

To simplify the 64-year-old Income Tax Act 1961 and eliminate unnecessary provisions in it, Finance Minister Nirmala ...

is set to replace the current Income Tax Act, 1961, according to government sources cited by news agency PTI. The main objective of the bill is to streamline and modernise India's tax system by ...

New Income Tax Bill: The Union Cabinet has approved the New Income Tax Bill, which aims to replace the 1961 Act by simplifying direct tax legislation. This proposed bill, featuring clearer ...

The intention is to simplify compliance for taxpayers by reducing the complexity of the current Income Tax Act of 1961. It was announced that the new act will be around 50% in size of the present Act.

The proposed legislation aims to replace the six-decade-old Income Tax Act, 1961, with a concise, lucid, and comprehensible version, reducing the number of provisions by about 60 per cent.

What is the New Income Tax Bill? The New Income Tax Bill 2025 is a proposed legislation aimed at simplifying and modernizing India's income tax system. The bill focuses on several key reforms ...