IIM-Lucknow alumni gather to discuss India's global role
This year's theme, 'The India Moment: Ideas, Impact, and Influence', framed conversations around the country's growing global role and the transformations shaping its economy, businesses, and society. The agenda featured panel discussions, fireside chats, and student-alumni roundtables designed to connect classroom learning with real-world experience. Prof Rajesh Aithal spoke about the strength of the IIM-L alumni network and its role in mentoring students. Director Prof MP Gupta highlighted recent market developments
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Time of India
an hour ago
- Time of India
New Income Tax Bill gets Lok Sabha nod
The Lok Sabha approved the new income tax bill, eliminating alternate minimum tax on LLPs and allowing refund claims even without timely return filings. Replacing the 1961 Act, the bill simplifies language, redefines terms like 'tax year,' and incorporates select committee recommendations. It maintains loss carry forward provisions, tweaks MSME definitions, and reintroduces deductions for inter-corporate dividends. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Lok Sabha on Monday gave its nod to the new income tax bill , which does away with alternate minimum tax on limited liability partnership (LLP) firms and allows refund claims even if taxpayers do not file returns within the due Income Tax (NO.2) Bill, which will replace the Income Tax Act , 1961 from the next financial year, was introduced by Union finance minister Nirmala Sitharaman and passed in the Lok Sabha amid din without a debate. It will now go to Rajya Sabha for its approval. The bill cuts down wordage and chapters by almost half and presents the clauses in simpler and easier to understand does away with the confusing concepts of assessment year and previous year, replacing them with "tax year".The original Income Tax Bill, 2025, which was introduced in February, was withdrawn by the minister on Friday and the new bill incorporating "almost all recommendations" of the select committee, headed by parliamentarian Baijayant Panda, which had scrutinised the original bill, was bill has maintained status quo on loss carry forward provisions, exempted non-profit organisations from taxing anonymous donations received by purely religious trusts and tweaked the definition of MSMEs (micro, small and medium enterprises) in alignment with the MSME Act, which were part of the recommendations of the has also reintroduced deductions in respect of certain inter-corporate dividends for companies opting for concessional rate of taxes in line with the provisions of the existing Income-tax Act, 1961 and nil tax collected at source on Liberalised Remittance Scheme remittances for education purposes financed by any financial bill has added the term 'profession' alongside 'business' under electronic payment rules, which means professionals with income of more than ₹50 crore annually must use prescribed electronic modes of bill has also clearly defined deductions for commuted pension and gratuity received by family said some of the pain points have been removed."The revised Income-tax Bill, 2025 demonstrates the government's receptiveness to parliamentary recommendations, incorporating targeted amendments to enhance clarity, ease of compliance and consistency with existing legislation," said Sandeep Jhunjhunwala, partner, Nangia Andersen LLP."To give a few examples, the provisions of levying alternate minimum tax on LLPs has been done away with, the rigours placed on charitable trust have been removed, the provisions of transfer pricing and the definition of 'associated enterprise' to whom these provisions apply, have been relaxed," said Dinesh Kanabar, CEO, Dhruva Advisors.
India.com
2 hours ago
- India.com
Pension, gratuity and capital gains: Modi government passes New Income Tax Bill in Lok Sabha with several key changes, taxpayers should now know...
Nirmala Sitharaman- File image Income Tax Bill, 2025: In a significant development on Monday, the Lok Sabha passed the Income Tax Bill, 2025 formally replacing the 63-year-old tax code with a modernised legal framework designed to align with evolving economic realities. M arking a significant step towards replacing India's six-decade-old direct tax framework, the government seeks to balance investor confidence, taxpayer relief, and administrative efficiency with the passage of the new bill. Finance Minister Nirmala Sitharaman tabled the revised bill in the house, following the government's decision to withdraw the earlier draft presented on February 13, 2025. As per a report carried by IANS news agency, the old version of the bill had been sent to a Parliamentary Select Committee for review but was withdrawn on August 8 to prevent confusion arising from multiple iterations. Key features of Income Tax Bill, 2025: — Deductions under Section 80M of the 1961 Act (Clause 148 of the IT Bill, 2025) are also available to companies that have opted for the new regime. — Deductions for commuted pension and gratuity for family members are provided under Clause 93 of the 2025 bill. — Provisions of MAT (Minimum Alternate Tax) and AMT (Alternate Minimum Tax) are separated as two sub-sections under Section 206 — The provisions of AMT apply only to those non-corporates that have claimed deductions. LLPs that have only capital gains income are not liable for AMT if there is no claim for deduction. — The term 'profession' has been added after 'business' in clause 187 to enable professionals, with total receipts exceeding Rs 50 crore in a year, to have the facility of prescribed electronic modes of payment. — Flexibility has been provided for allowing refund claims in cases where the return is not filed in due time, with the removal of Clause 263(1)(ix). — The provisions related to carry forward and set off of losses have been re-drafted for better presentation, but with the same intent. –The utilisation of capital gains on the acquisition of a new capital asset shall be treated as application of income by a registered non-profit organisation, as was in the existing act. (With inputs from agencies)
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First Post
4 hours ago
- First Post
Income Tax Bill 2025 passes Lok Sabha: What are the new provisions? How do you benefit?
The Income-Tax (No.2) Bill, 2025 seeks to replace the Income Tax Act, 1961. The development comes days after Finance Minister Nirmala Sitharaman withdrew the previous draft of the bill in the Lok Sabha. But what do we know about the changes in the bill? Why was the earlier bill withdrawn? How do you benefit? read more Union Finance Minister Nirmala Sitharaman said the changes of the Select Committee had been incorporated. PTI File The Lok Sabha on Monday passed the new income tax bill. The Income-Tax (No.2) Bill, 2025 seeks to replace the Income Tax Act, 1961. The development comes days after Finance Minister Nirmala Sitharaman withdrew the Income Tax Bill, 2025, in the Lok Sabha. But what do we know about the changes in the bill? Why was the earlier bill withdrawn? How do you benefit? Let's take a closer look: Why was the earlier bill withdrawn? The government had withdrawn the bill on Friday. It said it would bring in a new version of the bill after including changes recommended by the select committee headed up by senior BJP member Baijayant Panda. STORY CONTINUES BELOW THIS AD The bill was reportedly withdrawn to avoid confusion about the different versions circulating. 'Almost all of the recommendations of the Select Committee have been accepted by the government. In addition, suggestions have been received from stakeholders about changes that would convey the proposed legal meaning more accurately,' said the statement of objects and reasons of the bill. 'There are corrections in the nature of drafting, alignment of phrases, consequential changes and cross-referencing. Therefore, a decision has been taken by the government to withdraw the Income-tax Bill, 2025 as reported by the Select Committee. Consequently, Income-tax (No. 2) Bill, 2025 has been prepared to replace the Income-tax Act, 1961,' the statement said. The Select Committee, chaired by Baijayant Panda, had suggested a host of changes in the Income-tax Bill, 2025, which was introduced in the Lok Sabha on February 13. Panda said the Income Tax Act had become too complex and the bill simplifies the tax code. The committee made 285 suggestions, most of which have been accepted, Sitharaman said. What do we know? The bill will take effect from April 1, 2026. It begins by making the language easier for the layman to read. The committee had suggested allowing refunds even if the Income Tax Return was filed after the due date. The earlier version of the bill had denied refunds if ITR was filed after the due date. It also allows penalties to be waived in case of accidental non-compliance. STORY CONTINUES BELOW THIS AD The committee also suggested no penalty on late filing of Tax Deducted at Source. Those who have to pay no tax – both Indians and NRIs – can apply for a 'nil certificate' in advance. The bill will take effect from April 1, 2026. It begins by making the language easier for the layman to read. Representational image. It also does away with terminologies of 'Financial Year' and ' Accounting Year' in favour of the 'Tax Year.' Under the current law, tax on income for the previous year is paid during this year. However, now tax on income will be paid that very year itself. Another change suggested by the Select Committee is the restoring the 80M deduction for companies relating to intercorporate dividends. This provision had been missing in the previous version of the draft. Companies were allowed to choose the 22 per cent tax rate in order to give up certain exemptions. However, this raised concerns about dual taxation given the way certain companies are structured. STORY CONTINUES BELOW THIS AD It makes clearer the definitions of 'capital asset', 'micro and small enterprises', and 'beneficial owner'. MSMEs have been previously defined under the MSME Act. A micro enterprise is one that has an investment of less than 1 crore and a turnover of 5 crores. A small enterprise has been defined as having an investment of under Rs 10 crore and a turnover of Rs 50 crore. It also set a 30 per cent standard deduction on tax on income from rental properties. The interest payable on borrowed capital to buy, build, repair a property can also be deducted from the rental property. The Finance Ministry earlier said 'key words' and 'phrases defined in court rulings (will) remain'. The Lok Sabha also passed the Taxation Laws (Amendment) Bill, 2025 which seeks to amend the Income-tax Act, 1961 as well as the Finance Act, 2025. It aims to provide tax exemptions to subscribers of the Unified Pension Scheme. The government in July announced that all tax benefits available under the New Pension Scheme (NPS) shall apply to the Unified Pension Scheme (UPS), which was implemented from April 1, 2025. STORY CONTINUES BELOW THIS AD It also seeks to give tax benefits to public investment funds of Saudi Arabia which is investing in India. These Bills were passed without any debate amid vociferous protest by members of Opposition over revision of electoral rolls in Bihar. After the passage of these bills by voice vote, the Lok Sabha was adjourned for the day. The bills needs to be passed by the Rajya Sabha – after which it will go to President for Droupadi Murmu for her assent. What do experts say? Experts have praised the changes in the new bill. Rajesh Gandhi, partner, Deloitte India, told Financial Express that the proposals for tax benefits by pension funds and sovereign funds in the infrastructure sector are similar to the existing tax law. Experts have praised the changes in the Bill. '…the provisions have been drafted in a more structured and concise manner. The government could have considered industry suggestions while drafting the proposals including extension of tax benefits to holding companies setup prior to 2021, allowing reinvestment of dividend income within the group without triggering double taxation of dividend income, extension of tax exemption to indirect share transfers, extension of tax benefit to capital gains from unlisted bonds / debentures as well as removal of withholding tax on exempt income earned by such funds', Gandhi said. STORY CONTINUES BELOW THIS AD Dinesh Kanabar, CEO, Dhruva Advisors, added that the new bill has witnessed some very welcome changes. 'There were a number of provisions against which representations were made to select committee. These have now been accepted in the Bill presented today. To give a few examples, the provisions of levying Alternate Minimum Tax on LLPs has been done away with, the rigours placed on Charitable Trust have been removed, the provisions of Transfer Pricing and the definition of Associated Enterprise to whom these provisions apply, have been relaxed. A set of very welcome changes. Glad that the representations to the Select Committee have borne fruit'. With inputs from agencies
