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New Delhi: The Finance Ministry has issued a corrigendum to the Income Tax Bill, 2025, clarifying the interest applicable on short payment of advance tax. The amendment specifies a 3 per cent interest rate on such shortfalls, bringing the clause in line with provisions under the Income Tax Act, 1961. The amendment specifies a 3…
Last Updated:August 11, 2025, 17:33 is The 31-member committee, chaired by BJP MP Baijayant Panda, submitted a 4,575-page report last month, making 285 recommendations, including 32 major changes to the draft bill. The updated income tax bill seeks to overhaul India’s tax framework by replacing the six-decade-old Income Tax Act, 1961, with a modernised law…
New Delhi: The Income-Tax Bill, 2025, which was introduced in Parliament earlier this year (on February 13) to replace the old Income-Tax Act of 1961, has now been withdrawn. A revised version of the bill will be introduced on August 11. The new version includes most of the 285 suggestions made by a special committee…
Mumbai36 minutes ago Copy link On Monday (July 21), Panda presented the report of the Select Committee on the new Income Tax Bill in the Lok Sabha. The government is bringing a new income tax bill to make tax laws easier. For the convenience of taxpayers, the number of words of the Income Tax Act…
Parliament Monsoon Session 2025 Day 1 Live Updates: The Monsoon Session of Parliament is all set for a stormy commencement on Monday as the Opposition parties look to discuss the Pahalgam terror attack, demanding accountability from the government, and to bring up the ongoing Special Intensive Revision (SIR) of voter lists in Bihar ahead of…