Tax Reform News - Latest Updates & Headlines
Budget aims to do reforms to build Viksit Bharat by 2047, says FM Niramala Sitharaman
New Delhi, March 25: Finance Minister Nirmala Sitharaman, on Tuesday, underscored the Union government's commitment to providing tax certainty and streamlining business regulations as part of the broader vision to build a Viksit Bharat by 2047.
New Income Tax Bill to be taken up for discussion in monsoon session: FM Sitharaman
New Delhi, March 25: Union Finance and Corporate Affairs Minister Nirmala Sitharaman on Tuesday said that the new Income Tax Bill will be taken up for discussion in the monsoon session of Parliament.
New Income Tax Bill to be introduced in monsoon session: FM Sitharaman
New Delhi, March 25: The new Income Tax Bill will be taken up for discussion in the Monsoon session of Parliament, Finance Minister Nirmala Sitharaman told the Lok Sabha on Tuesday.
FM says GST rates to be reduced further, rationalised; Congress demands overhaul
New Delhi, March 9: Union Finance Minister Nirmala Sitharaman has said that Goods and Services Tax (GST) rates will be reduced further as the process of rationalising tax slabs is nearing completion.
Claims that new powers being introduced in new income tax bill incorrect: Sources
New Delhi, March 9: Sources in the Central Board of Direct Taxes (CBDT) have sought to clear the air after some concerns were raised that Income Tax authorities have been given additional powers in the Income Tax Bill 2025 to gain overriding access to the electronic records including email, social media, and virtual digital space.
GST rates to be reduced further, rationalisation on the cards: FM Sitharaman
New Delhi, March 9: Union Finance Minister Nirmala Sitharaman has said that Goods and Services Tax (GST) rates will be reduced further as the process of rationalising tax slabs is nearing completion.
Will keep check on people's business: BJP's CT Ravi on Income Tax Bill 2025
Bengaluru, March 6: BJP leader CT Ravi said on Thursday said that the Income Tax Bill 2025 will keep a check on the businesses of the people and said only people who do not pay taxes need to be scared.
Meeting of Select Committee of Lok Sabha to examine new Income Tax Bill underway in Parliament
New Delhi, March 6: A meeting of the Select Committee of the Lok Sabha, under the chairmanship of Bharatiya Janata Party MP Baijayant Panda, to examine the Income-Tax Bill 2025 is underway at the Parliament House Annexe in New Delhi.
Lok Sabha Select Committee to examine Income-Tax Bill on March 6-7
New Delhi, March 4: The Select Committee of the Lok Sabha, under the chairmanship of Bharatiya Janata Party MP Baijayant Panda, will examine the Income-Tax Bill 2025 on March 6 and 7.
MP Baijayant Panda to chair Select Committee on Income-Tax Bill on March 6-7
New Delhi, February 27: The Select Committee of the Lok Sabha under the chairmanship of BJP Vice President and Lok Sabha MP Baijayant Panda will examine the Income-Tax Bill 2025 on March 6 and 7, 2025.
25 cr poor people have been lifted out of poverty in last 10 years: BJP MP Anurag Thakur calls budget roadmap for development
Jammu, February 24: BJP MP Anurag Thakur on Monday praised the Union Budget 2025-26, calling it a "roadmap for development" that will help realise Prime Minister Narendra Modi's vision of a 'Viksit Bharat' by 2047.
Worst seems to be behind, Indian economy shows signs of recovery: BNP Paribas report
New Delhi, February 23: The challenging time which persisted due to the contraction of the economic growth seems to be over, as new orders, agriculture exports, rural wages, Index of Industrial Production (IIP), steel production, auto sales and tax collections have picked up after a weak third-quarter calendar year 2024 according to a report by BNP Paribas.
Govt received over 60,000 inputs from citizens towards new Income Tax Bill: FM
Mumbai, Feb 17: The government received more than 60,000 inputs from the citizens towards the making of the new Income Tax Bill, 2025, Union Finance Minister Nirmala Sitharaman said on Monday.
India's Income Tax reforms to foster more transparent, taxpayer-friendly environment: Experts
New Delhi, Feb 13: The new Income Tax Bill 2025, scheduled to take effect on April 1, 2026, is set to foster a more transparent and taxpayer-friendly environment, representing a historic milestone in India's tax landscape, industry experts said on Thursday.
FM Sitharaman introduces new Income Tax Bill in Lok Sabha
New Delhi, Feb 13: Finance Minister Nirmala Sitharaman introduced the new Income Tax Bill, 2025, in the Lok Sabha on Thursday as part of the tax reforms to streamline and simplify the provisions so that they are easier to understand and reduce the scope for legal disputes.
New bill will make lives of India's taxpayers much easier: BJP MP Tejasvi Surya
Bengaluru, February 13: Bharatiya Janata Party (BJP) Lok Sabha MP Tejasvi Surya on Thursday praised the new Income Tax Bill, stating that the legislation will make the lives of India's taxpayers much easier.
Explained: Why Income-Tax Bill 2025 is a much-needed reform
New Delhi, Feb 12: As India moves closer to a major tax overhaul, the new Income-Tax Bill 2025 seeks to simplify the tax structure and to make it more transparent, efficient, and business-friendly.
Modi govt's policies uplifted economic standards, strengthened public trust: Sonowal
Agartala, Feb 12: Union Minister for Ports, Shipping, and Waterways, Sarbananda Sonowal, on Wednesday, said that the policies and programs implemented under the leadership of Prime Minister Narendra Modi have significantly improved the socio-economic conditions of the people, further strengthening their trust in the government.
New Income Tax bill likely to be introduced in Lok Sabha on Thursday
New Delhi, February 11: The new Income Tax Bill will be introduced in the Lok Sabha on Thursday, sources said.
Average tax under GST dips from 15.8 % to 11.3 %: Nirmala Sitharaman in Rajya Sabha
New Delhi, February 11: Finance Minister Nirmala Sitharaman on Tuesday informed the Rajya Sabha that indirect tax under the Goods and Services Tax (GST) has significantly reduced over the years since its implementation.
New Income Tax Bill to raise transparency in tax laws, say experts
New Delhi, Feb 10: The new Income Tax Bill is contemplated to raise the level of transparency in tax laws by adopting clear and unambiguous language in tax provisions which allows the taxpayers to easily understand their obligations and rights, industry experts said on Monday.
Revised income tax law to eliminate obsolete and redundant provisions: Experts
New Delhi, Feb 9: The revised income tax law is expected to be clear, concise, consistent and supplemented with illustrative examples to aid understanding and interpretation by various stakeholders, which will also eliminate obsolete and redundant provisions, according to industry experts.
Focus on fiscal consolidation, growth supports India's credit profile: CareEdge Global
New Delhi, February 9: The Union Budget for 2025-26, presented on February 1, reinforces credibility in India's fiscal consolidation roadmap while emphasizing boosting the economy's overall growth potential, CareEdge Global Ratings said in a report.
New Income Tax Bill set to be tabled in Parliament next week
New Delhi, Feb 8: 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.
Tax reforms are key feature of Budget 2025-26: Tuhin Kanta Pandey
New Delhi, Feb 4: Tax reforms are a key feature of the Union Budget, as it has an impact on what the rest of the economy does and for the first time have been included in Part-A of the budget, Finance Secretary Tuhin Kanta Pandey said on Tuesday.
India's Fiscal and Monetary Policies shift towards supporting economic growth: Morgan Stanley
New Delhi, February 4: India's fiscal and monetary policies are now focusing more on supporting economic growth, aligning with expectations of a cyclical recovery, according to a report by Morgan Stanley.
Tax cuts to spur discretionary consumption especially among salaried people: Report
New Delhi, Feb 4: Fiscal consolidation glide path is maintained with the Union Budget and tax cuts should spur discretionary consumption especially among the salaried class, a report showed on Tuesday.
Budget 2025 prioritises non-inflationary growth: Finance secretary
New Delhi, February 3: Budget 2025 prioritises non-inflationary growth through careful fiscal management, with the government's entire borrowing of Rs 15.68 lakh crores channelled exclusively into capital expenditure, Finance Secretary and Secretary, Department of Revenue, Tuhin Kanta Pandey told industry leaders Monday.
'Opposition criticism expected,': Union Minister Jitan Ram Majhi describes budget as 'balanced'
New Delhi, February 3: Union Minister Jitan Ram Majhi on Monday, defended the Union Budget 2025-26, stating that the criticisms from the Opposition are expected as they view it as their duty.
First step towards achievement of 'Viksit Bharat': West Bengal Governor hails Union Budget 2025
Kolkata, February 3: West Bengal Governor CV Ananda Bose applauded the Union Budget 2025 saying that it is a balanced budget and first step towards the achievement of (developed India) 'Viksit Bharat'.
Budget to boost India's growth, new income tax bill will modernise framework: Harsh Bhuta
New Delhi, Feb 2: This budget reinforces India's vision for inclusive growth and economic empowerment, with the right execution, and can propel India into a new era of growth and development, Harsh Bhuta, partner at Bhuta Shah & Co LLP said on Sunday.
Push for lower, middle-income households in Budget to roll private investment cycle: HDFC Bank
New Delhi, February 2: The Union Budget 2025's focus on supporting lower and middle-income households could help revive private investment in the economy, according to a report by HDFC Bank.
Noida entrepreneurs hail Union Budget 2025, highlight growth-boosting measures
Noida, Feb 1: As Union Finance Minister Nirmala Sitharaman presented the Union Budget 2025, it was met with praise from entrepreneurs in Noida, particularly for the tax relief and initiatives aimed at fostering business growth. One key announcement was the removal of income tax for individuals earning up to Rs 12 lakh annually.
Budget reaffirms India as innovation, knowledge-centric economy: SBI Chairman
New Delhi, Feb 1: The Union Budget 2025-26 reaffirms India as an innovation and knowledge-centric economy with a slew of reforms across agriculture, MSME, export centricity, education and healthcare, and balancing skills and AI, SBI Chairman C.S. Setty said on Saturday.
Budget has put railways on expansion track: Ashwini Vaishnaw
New Delhi, Feb 1: Welcoming an allocation of Rs 2.52 lakh crore for expansion of the railways, Union Minister Ashwini Vaishnaw on Saturday described Budget 2025-26 as ‘balanced’ and pro-middle class due to the new income tax exemption limit of Rs 12 lakh.
One crore people will benefit from revised slabs, pay no tax: FM Sitharaman
New Delhi, Feb 1: Union Finance Minister Nirmala Sitharaman, in her first post-Budget press conference, said that the revision in tax slabs as announced in the Union Budget 2025-26 will leave 'enough money in the hands' of taxpayers, adding that about 1 crore taxpayers will be directly benefitted from the extended rebates and exemptions, under the New Tax regime.
Pragmatic Budget with reform blueprint places confidence in middle class: Industry chambers
New Delhi, Feb 1: The Union Budget 2025-26 provides a strong and convincing template for boosting growth and generating jobs, the twin imperatives for our economy today, with targeted interventions towards facilitating inclusive development, top industry chambers said on Saturday.
Budget 2025 is foundation stone for achieving steps to fulfil vision of Viksit Bharat: UP CM Yogi Adityanath
Prayagraj, February 1: Uttar Pradesh Chief Minister Yogi Adityanath lauded the Union Budget presentation by Finance Minister Nirmala Sitharaman, stating that the Prime Minister has categorised the budget into four parts, poor, youth, farmers and women and the budget lays the foundation for achieving the steps needed to fulfil the vision of "Viksit Bharat" (Developed India).
Union budget provides balanced approach for long-term growth: Sajjan Bhajanka
New Delhi, Feb 1: Sajjan Bhajanka, Founder and Chairman of Century Plyboards Limited, praised the Union Budget 2025 for being a balanced approach that significantly benefits the middle class.
Union Budget will change the face of rural India, encourage citizen-centric investment: Fadnavis
Mumbai, Feb 1: Maharashtra Chief Minister Devendra Fadnavis said on Saturday that Finance Minister Nirmala Sitharaman presented a dream budget for the middle class in the country and gave a huge relief to them by making income up to Rs 12 lakh tax-free.