The tax bill and the proposed taxpayer’s charter when implemented in the spirit of justice and transparency will surely usher in the much-needed tax reforms
4 min read13 Feb 2025New Income Tax Bill 2025: The Income Tax Bill 2025 has 57 tables, compared to 18 in the existing I-T Act of 1961. The new bill removed 1,200 provisos and 900 explanations.
3 min read13 Feb 2025New Income Tax Bill 2025 aims to simplify language by replacing complex terms with easier alternatives. Spanning 622 pages, it contains 536 sections and 23 chapters, without introducing new taxes, focusing instead on clarifying existing laws from the 1961 Act
4 min read13 Feb 2025The government plans to replace the 1961 law, aiming for clearer regulations and reduced compliance costs for taxpayers. The bill is part of broader reforms and seeks to simplify tax administration without altering existing tax rates.
2 min read13 Feb 2025The new income tax bill is likely to be presented in the Parliament on Thursday
1 min read12 Feb 2025Currently, 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’
3 min read12 Feb 2025The Sensex fell over 900 points on February 12, marking six sessions of decline. Experts attribute this to global trade tensions and suggest a shift to diversified investments, focusing on large-cap stocks, fixed income, Gold ETFs, and real estate to navigate current market volatility.
3 min read12 Feb 2025New Income Tax Bill: Nirmala Sitharaman will table the new income tax bill in Lok Sabha on Thursday, February 12. Thereafter, it will be referred to the standing committee on finance
2 min read12 Feb 2025New income tax bill is believed to a historic bill since it will replace the current legislation, which was enacted way back in 1961. The new law is believed to be more concise and simpler
2 min read11 Feb 2025Budget 2025 increased the tax rebate limit under the new regime to ₹12 lakh from FY26. If trends from previous years continue, at least 80% of individuals who file ITRs for FY26 are expected to have zero tax liability, up from 66% in FY24.
2 min read11 Feb 2025The Union Budget contains details about the estimated receipts and the expenditure of the government for a particular fiscal year. The Budget is allotted for the upcoming fiscal year, which runs from 1st April to 31st March of the next year. Here is a quick guide on how the Union Budget is prepared
Exciting, sharp and clear analysis of the trends that matter, through data and charts. Plain Facts is published every weekday, with coverage spanning across themes, including corporate strategy to inflation to unemployment and emerging sectors. Follow us on #MintPlainFacts across social media.