Tax
Lok Sabha Passes New Income Tax Bill 2025, Incorporating Key Committee Recommendations
The Lok Sabha on Monday passed the Income-Tax (No. 2) Bill, 2025, a revised and expanded draft aimed at overhauling India’s six-decade-old tax law. The bill, introduced earlier in the...
Read moreDetailsOver ₹7 Lakh Crore in GST Evasion Detected in Five Years, Over ₹1.79 Lakh Crore Linked to Fake ITC: Govt Tells Parliament
In a written reply to the Lok Sabha on Monday, Minister of State for Finance Pankaj Chaudhary revealed that Central GST field officers have detected tax evasion amounting to a...
Read moreDetailsWife Sells Gifted Property for ₹6 Crore, Pays Zero Tax
In a significant ruling, the Income Tax Appellate Tribunal (ITAT) Mumbai has allowed a woman to claim complete tax exemption on long-term capital gains (LTCG) of over ₹4 crore from...
Read moreDetailsHRA Tax Exemption Explained: How to Save Tax on Rent Under Old and New Regimes
If you're a salaried employee living in a rented home, the House Rent Allowance (HRA) you receive might offer a valuable tax-saving opportunity—but only under the old tax regime. Here's...
Read moreDetailsNew Tax Rules on Mutual Funds Kick In: What Changes From July 23 and How It Impacts Your Returns
From July 23, 2024, a new set of tax rules has come into force, changing how gains from mutual funds are taxed in the upcoming Assessment Year 2025–26. The revised...
Read moreDetailsIncome Tax Department Launches Offline Excel Utility for ITR-1 and ITR-4; Deadline Extended to September 15
The Income Tax Department has rolled out the offline Excel utility for ITR-1 (Sahaj) and ITR-4 (Sugam) for the Assessment Year 2025-26, aiming to simplify the tax filing process for...
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