Tax Reform
The government’s new Income Tax Bill promises to streamline taxation with simpler language and fewer sections.
The government’s new Income Tax Bill promises to streamline taxation with simpler language and fewer sections.
Union Finance Minister Nirmala Sitharaman Thursday introduced the Income Tax Bill 2025 in the Lok Sabha.
Kosambia, an athlete from Gujarat and a Tax Assistant with the Income Tax Department, achieved success at the 38th National Games held in Uttarakhand.
The Tea Association of India (TAI) has welcomed the government's decision to extend the exemption of agricultural income tax for the tea industry until 31 March, 2026, as announced in the state Budget for FY 2025-26.
Aiming to put more money in the hands of the middle class and simplify the whole filing process, the new Income Tax Bill is set to be tabled in the Parliament next week after receiving approval from the Union Cabinet.
Direct Tax collection up to October 8 stood at Rs 8.98 lakh crore, which is 23.8 per cent higher than the gross collection for the corresponding period of last year. Direct tax collection, net of refunds, stood at Rs 7.45 lakh crore, which is 16.3 per cent higher than the net collection for the corresponding period of last year. This collection is 52.46 per cent of the total budget estimates of Direct Taxes for 2022-23.
Income Tax department said that CBDT has issued refunds of over Rs 1.14 lakh crore to more than 1.97 crore taxpayers.
Mental health experts have written volumes that are in the public domain and easily accessible, if anyone at the helm is interested. This is an issue that does not seem to be on the priority list of anyone in the corridors of power.
The Income Tax Department conducted a search and seizure operation on a leading automobile manufacturer group along with a company operating chartered flights and a real estate group of Delhi-NCR covering more than 35 premises across Delhi-NCR.
Preliminary investigations revealed that the Huawei group had made inflated payments against receipt of technical services from its related parties outside India, said a senior officer of the Finance Ministry here on Thursday.
