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 ...

Income Tax payers can now match the sections of the I-Tax Act, 1961, with the corresponding clauses in the simplified I-T Bill, 2025, on the tax department portal. Also, Section to Section mapping ...

Spanning 622 pages, the new I-T Bill 2025 and aims to replace the 60-year-old Income Tax Act of 1961 and once passed will be called the Income Tax Act, 2025. It is expected to take effect in April ...

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 ...

The decision to review the Income Tax Act of 1961 was initially announced by FM Sitharaman during her Budget Speech on July 23, 2024. The objective is to streamline the Income Tax Act, making it ...

Finance Minister Nirmala Sitharaman tabled the new income tax bill - which is expected to cut through the jargon in the 1961 Income Tax Act and make it easier to understand - in Parliament on ...

According to sources, the intent of the move remains to make the current Income Tax Act, 1961 easy to understand and comprehend for taxpayers and any tax changes will continue to be presented in ...

Currently, the Income Tax Act refers to the year of earning taxable income as the "previous year" and the year when the tax return is filed as the “assessment year". By dropping these terms ...

The New Income Tax Bill — to be called the Income-Tax Act, 2025, once passed – is set to be presented in Parliament on February 13, and aims to replace the six-decade-old Income Tax Act of 1961.

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 ...

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

The DTC will be brought to replace the Income Tax Act, 1961. The Direct Tax Code will overhaul the income tax laws, making them simpler and reducing legal complications and litigation for ...