Currently, the Income Tax Act refers to the year of earning taxable income as the ‘previous year’ and the year when the tax ...
The proposed law replaces the term 'previous year' used in the Income Tax Act, 1961, with 'tax year.' Additionally, the ...
The new legislation will replace the Income Tax Act of 1961. Once passed, it will be called the Income Tax Act, 2025 ...
The new Income Tax Bill 2025 also proposes to replace the term 'previous year' with 'tax year,' and do away with the concept ...
India's new Income Tax Bill, replacing the 1961 Act, is expected to be tabled today. The 622-page bill simplifies tax laws, ...
The new Income Tax Bill, 2025 will replace the complex Income Tax Act of 1961, simplifying tax administration with clearer ...
The Income Tax Bill 2025 aims to reform Indias tax structure with new terminology, a tiered system, and simplified deductions ...
Under the new bill, the draft proposes a standard deduction of Rs 75,000 or the salary, whichever is less, where income is ...
The Income-Tax Act, of 1961, uses "assessment year" and "previous year" for filing returns. In the new bill, 2025, the tax ...
India Today on MSN1h
New Income Tax Bill to be simpler and clearer, likely to be presented tomorrowWhen the Income Tax Act of 1961 came into being it had 880 pages. Over the years, the act contained several amendments introduced in the various budgets.
In the July budget, Finance Minister Nirmala Sitharaman announced that STCG from stocks, equity funds and units of business ...
The bill notably seeks to introduce simpler terminology such as replacing ‘Assessment Year’ with 'Tax Year' and ‘Previous Year’ with 'Financial Year' ...
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