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

Finance Minister Nirmala Sitharaman on Thursday presented the new Income Tax Bill during the budget session in the Lok Sabha.

A frustrating thing about working hard to earn money is knowing the IRS will tax a portion of your earnings. Federal taxable income generally includes wages, tips, royalties, commissions ...

The Government of Canada sets the federal income tax rates for individuals. Each province and territory determines their own income tax rates. Provincial or territorial income tax rates apply in ...

ITAT Agra held that merely uploading of the communication in the Income Tax department e-portal is not sufficient mode of communication in view provisions of Section 282 of the 1961 Act and Rule 127 ...

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 ...

Notably, the NDA government had initiated a major review of the Income Tax Act, 1961 in Budget 2024. Targeted to simplify and modernise the tax system, the reforms focussed on getting rid of ...

which will replace the decades-old Income Tax Act of 1961. In her Union Budget 2025-2026 speech, Finance Minister Nirmala Sitharaman said that the new income tax bill -- a direct tax code aimed at ...

The new bill, she stated, will be simpler and clearer than the existing Income Tax Act of 1967. The government of India has budgeted for ₹50 lakh crore ($580 billion), crossing the milestone for the ...

"We eagerly await the introduction of the New Income Tax Act which can be a real game changer of a reform. We are confident that it will be bring in more clarity and simplification in tax structure.

The new tax bill will attempt to simplify provisions of the income tax act, streamline the processes, encourage compliance and reduce litigation. The tax code provides the superstructure for everybody ...

Adhil Shetty, CEO of BankBazaar, urges Finance Minister Nirmala Sitharaman to raise the 30% income tax threshold to ₹18 lakh in Union Budget 2025, restructure the tax brackets, and introduce a ...