2025 Income Tax Bill Changes: More Tax-Free Lump Sum, Bigger Penalties For Early UPS/NPS Withdrawals
This bill updates the Finance Act, 2025, and the Income Tax Act, 1961, with the primary aim of aligning the taxation rules of the Unified Pension Scheme (UPS) with those of the National Pension System (NPS).
Aug 12, 2025, 11:27 AM IST
New Income Tax Bill Introduced In Lok Sabha With Major Changes, Check Details
The earlier Bill was withdrawn after opposition protests, even though a 31-member Select Committee, headed by BJP MP Baijayant Panda, had already reviewed it and suggested some changes.
Aug 11, 2025, 16:16 PM IST
Govt Withdraws Income Tax Bill 2025, Will Release New Draft On August 11
The Income-Tax Bill, 2025, introduced in Lok Sabha on Feb. 13 to replace the Income-Tax Act, 1961, has been formally withdrawn.
Aug 08, 2025, 15:54 PM IST
ITR Filling 2025: Good News For Taxpayers As Select Committee Proposes Relief For Late Tax Filers
The Lok Sabha Select Committee recommended limiting deduction disallowance for late income tax returns to only Heading C of Chapter VIII, as per existing law.
Jul 22, 2025, 14:17 PM IST
Claims That New Powers Being Introduced In New Income Tax Bill Incorrect: Sources
One of the sources also reiterated that "this is not the standard practice." It applies only in exceptional circumstances.
Mar 09, 2025, 21:20 PM IST
New Tax Regime Vs Old Tax Regime -- Is Old Regime Still Beneficial For Those Earning Above Rs 12.75 Lakh Yearly? Expert Explains
Here’s a table showing a comparison of old vs new regime with the income level and deductions. If you have deductions more than Rs 7,75,000, then you can file return under old regime, explains Cleartax.
Feb 14, 2025, 10:05 AM IST
New Income Tax Bill Likely To Be Tabled In Parliament Today --All You Want To Know
Before the Income Tax Bill was cleared by the Cabinet, people in the know said that the legislation would likely provide directions to widen the tax net, given the contraction in the tax base following the exemption limit being raised to Rs 12 lakh in the Union Budget.
Feb 11, 2025, 09:48 AM IST
New Income Tax Bill Set To Be Tabled In Parliament Next Week
The bill, which was granted approval in the Cabinet meeting chaired by Prime Minister Narendra Modi on Friday, will be introduced in the Parliament next week before it is sent to the Parliament's Standing Committee on Finance.
Feb 08, 2025, 12:05 PM IST
IT Amendment bill tabled in Lok Sabha; proposes 30% tax on undisclosed income plus 10% penalty
Finance Minister Arun Jaitley, on Monday, tabled the Income Tax Amendment Bill in the Lok Sabha amid chaos and protests in a bid to corner the ruling BJP government on the issue of demonetisation. The IT Amendment Bill proposes proposes 30% tax on undisclosed income plus 10% penalty on the unaccounted wealth.
Nov 28, 2016, 14:25 PM IST