Taxation Reform News - Latest Updates & Headlines
Baijayant Panda to chair Select Committee on Income-Tax Bill
New Delhi, February 15: Lok Sabha Speaker Om Birla constituted a 31-member Select Committee of Lok Sabha MPs to examine the new Income Tax Bill, which aims to simplify tax laws, modernise definitions, and provide more clarity on various tax-related matters.
New simpler Income Tax Bill slashes volume of Income Tax Act, 1961 by half
New Delhi, Feb 13: The Income-Tax Bill, 2025 tabled in Parliament on Thursday, marks a significant step toward simplifying the language and structure of the Income-tax Act, 1961 based on global best practices, according to a statement issued by the Finance Ministry.
Govt creating new Income Tax Act for tech-driven taxpayers, scrapping convoluted older law
New Delhi, Feb 3: After providing a big relief to the Indian middle class in the Union Budget 2025-26, the government is all set to present a new Income Tax Bill this week which would further simplify the entire tax system, bringing sweeping reforms.
Tax exemption up to Rs 12 lakh a booster for consumption-led growth
New Delhi, Feb 1: "Just as living beings live expecting rains, citizens live expecting good governance". With these words, Union Finance Minister Nirmala Sitharaman on Saturday proposed an across-the-board change in tax slabs and rates to benefit all taxpayers, especially the middle class. Approximately Rs 1 lakh crore will be made available in the hands of the taxpayers by virtue of changes in slab, rates and rebate.
Union Budget: Centre clears citizens' doubt on new income tax slabs
New Delhi, Feb 1: The government on Saturday explained how the tax reforms, proposed under the new income tax slabs, will benefit the middle class and ease the tax burden for them.
Budget 2025: Industry leaders say declining rupee will pose a challenge to fiscal management
New Delhi, January 15: As Finance Minister Nirmala Sitharaman prepares to present her eighth budget, Industry leaders have shared their expectations, highlighting the need for reforms across taxation, fiscal policies, and market operations.