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…
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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) Finance Minister Nirmala Sitharaman on Sunday announced a tax holiday till 2047 to any foreign company that provides cloud services to customers globally by using data centre services from India as part of the proposals in the Union Budget 2026-27 presented in the Parliament on Sunday.The move is aimed at developing critical infrastructure and boosting investment in data centres. Those availing of the incentive will have to provide services to Indian customers through an …