New Delhi, April 21 (IANS) The government on Tuesday organised an outreach programme here to promote financial literacy and create awareness about the newly-introduced Income Tax Act, 2025, with particular focus on provisions relating to educational institutions and charitable trusts.Pallavi Agarwal, Principal Chief Commissioner of Income Tax (Exemptions), highlighted the key features of the Income Tax Act, 2025 and emphasised that the new legislation seeks to simplify procedures, reduce ambigui…
Latest Income Tax Act 2025 News & Updates
Mumbai, March 29 (IANS) A series of major financial and regulatory changes will come into effect across India from April 1, marking the start of the new financial year and bringing significant impact on taxpayers, employees and daily commuters.Among the most notable developments is the rollout of the new Income Tax Act, 2025, which will replace the decades-old Income Tax Act 1961.The new law aims to simplify the tax framework by introducing clearer language and removing complex terminology.One k…
New Delhi, March 27 (IANS) India will see a slew of financial and regulatory changes with the beginning of the new fiscal year on April 1, 2026, affecting taxes, fuel, banking and rail travel.The Income Tax Act 2025 will replace the Income Tax Act 1961, simplifying terminology by using the word “Tax Year” instead of erstwhile confusing words ‘Assessment Year’ (AY) and ‘Previous Year’ (PY).Under the new tax regime individuals earning up to Rs 12 lakh annually will pay zero tax due to …
New Delhi, March 20 (IANS) Finance Minister Nirmala Sitharaman on Friday said the new Income-tax Act, 2025 will bring major relief for small business owners and professionals by simplifying rules and reducing compliance burden, while also aiming to cut down tax-related disputes.Speaking at the launch of the nationwide awareness campaign ‘PRARAMBH 2026’, FM Sitharaman highlighted that small businesses and professionals are the backbone of India’s economy and the new law has been designed ke…
Mumbai, Feb 9 (IANS) The Income Tax Department’s draft Income‑tax Rules proposed a comprehensive renumbering of tax forms that would improve reporting ease and enhance compliance for taxpayers, professionals and institutions as the Income‑tax Act, 2025 is set to come into force on April 1.The draft rules, released with new form templates, replace legacy form numbers that evolved over decades and will reduce ambiguity and duplication in filings for taxpayers, experts said.It will better int…
New Delhi, Feb 8 (IANS) The government is seeking inputs from various stakeholders on the rules and forms in the Income-tax Act, 2025, which will come into effect from April 1, 2026, it was announced on Sunday.Before the final notification of the Income Tax Rules and Forms, to encourage wider stakeholder participation, the proposed Income Tax Rules and Forms have been uploaded on the official website, according to Finance Ministry on Sunday.“The corresponding Income-tax Rules and related Forms…
New Delhi, Feb 5 (IANS) The Central Board of Direct Taxes (CBDT) Chairman, Ravi Agrawal, has said that new income tax forms, implementing rules and a detailed set of frequently asked questions (FAQs) will be published soon this month to prepare taxpayers transition to the new Income Tax Act, 2025, which takes effect on April 1.Agrawal said that explanatory presentations will be done along with FAQs to help manage an expected surge in queries during the initial implementation quarter from April t…
New Delhi, Feb 1 (IANS) To ensure ease of living for taxpayers, the Union Budget 2026-27 on Sunday announced a range of proposals on direct taxes, saying that the Income Tax Act, 2025, is slated to come into effect from April 1, 2026.The simplified rules and forms will be notified in due course, giving adequate time to taxpayers to acquaint themselves with their requirements. The forms have been redesigned for simpler understanding and compliance for ordinary citizens.Finance Minister Nirmala Si…
New Delhi, Feb 1 (IANS) Finance Minister Nirmala Sitharaman on Sunday said that the Income Tax Act 2025 will come into effect from April 1, 2026, and the I-T forms have been redesigned such that ordinary citizens can comply without difficulty for ease of living.The new measures include exemption on insurance interest awards, nil deduction certificates for small taxpayers, and extension of the ITR filing deadline for non-audit cases to August 31. Individuals with ITR 1 and ITR 2 will continue to …
New Delhi, Dec 26 (IANS) Prime Minister Narendra Modi on Friday said that his government is committed to boosting ‘Ease of Living’ and the reform trajectory will continue with even more vigour in the coming times.Replying to a thread on X social media platform posted by the MyGovIndia handle, PM Modi said the government has worked towards the direction of empowering millions.”Ours is a Government committed to boosting ‘Ease of Living’ and this thread below gives examples of how we have w…