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.
Budgets come and go leaving behind a sea of unfulfilled expectations of taxpayers. However, Budget 2025 will long be remembered as one of the few Budgets that warmed the cockles of middle-class hearts.
A pre-budget survey reveals that individual taxpayers want relief on the personal tax front to increase their disposable income in Budget 2025-26 to be presented in Parliament by Finance Minister Nirmala Sitharaman on February 1.
The Centre on Friday cautioned citizens against fraudsters issuing fake and fraudulent summons for Goods and Services Tax (GST) violations.
Failure to disclose assets held abroad or income earned on foreign shores in the ITR can attract a penalty of Rs 10 lakh under the anti-black money law, the Income-Tax (I-T) Department cautioned taxpayers on Sunday.
Speaking of the country's progress in the startup scenario he said that India is currently ranked third globally in terms of startup ecosystem.
The CBDT also said the average income of salaried, non-salaried and corporate taxpayers has risen over the last three years.
The brilliant minds that had crafted the GST architecture and drafted the related statutes should have given a little thought to the fact that to roll out such a hugely complicated tax system driven entirely by technology was likely to create problems with dealers and traders who may not have touched a mouse or keyboard in their lives, and provided for an easier and more user-friendly alternative.
He further accused the central government of allegedly taking Rs 3 crores of funds originally assigned for Delhi.
The Reserve Bank of India (RBI) has announced special measures for the transaction of central and state government business by…