Latest news with #IncomeTaxActof1961
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Business Standard
3 days ago
- Business
- Business Standard
FM Sitharaman withdraws Income Tax Bill, revised draft to be tabled Aug 11
Finance Minister Nirmala Sitharaman on Friday formally withdrew the Income Tax Bill, 2025, in the Lok Sabha after the Select Committee, chaired by BJP MP Baijayant Panda, submitted its report on the draft legislation. A revised version of the Bill, incorporating most of the Committee's recommendations, is expected to be introduced in Parliament on August 11, officials said. The decision to withdraw and reintroduce a single, updated version is meant to avoid confusion from multiple drafts and ensure that the House considers a comprehensive, consensus-based text. The original bill had been introduced on February 13. According to PTI, several critical changes have been made in the updated draft: Anonymous donations to purely religious non-profit organisations (NPOs) will continue to enjoy tax exemption. Religious-cum-charitable trusts (such as those operating schools or hospitals) will be taxed on such donations. Taxpayers may be allowed to claim TDS refunds even after the I-T return filing due date, without facing a penalty. Once passed, the revised bill will replace the existing Income Tax Act of 1961 and is expected to modernise India's tax code to suit digital-era requirements. The 31-member Select Committee, chaired by BJP MP Baijayant Panda, was set up soon after the Bill's initial introduction to facilitate stakeholder consultations and expert feedback. Most of the panel's suggestions have been accepted, including those aimed at improving transparency and taxpayer convenience. The bill, which will be reintroduced to Parliament on Monday, is expected to focus on simplification, enhanced digital integration, and a more contemporary framework for compliance.
NDTV
3 days ago
- Business
- NDTV
Income Tax Bill 2025 Withdrawn, New Version To Be Introduced On Monday
New Delhi: The Income Tax Bill, 2025, which was introduced in the Lok Sabha on February 13 to replace the existing Income Tax Act, 1961, has been formally withdrawn. A new version of the Income Tax Bill, incorporating most of the recommendations made by the Select Committee chaired by BJP MP Baijayant Jay Panda, will be introduced in Parliament on Monday. To avoid confusion by multiple versions of the Bill and to provide a clear and updated version with all the changes incorporated, the new version of the Income Tax Bill will be introduced for the consideration of the House. According to Mr Panda, who chaired the Parliamentary Select Committee responsible for reviewing the legislation, the new law, once passed, will simplify India's decades-old tax structure, cut down legal confusion, and help individual taxpayers and MSMEs avoid unnecessary litigation. "The current Income Tax Act of 1961 has undergone more than 4,000 amendments and contains over 5 lakh words. It has become too complex. The new bill simplifies that by nearly 50 per cent -- making it far easier for ordinary taxpayers to read and understand," Mr Panda told news agency IANS. He further stated that the greatest beneficiaries of this simplification would be small business owners and MSMEs who often lack the legal and financial expertise to navigate complicated tax structures. The new measures will play a significant role in creating a fair and equitable system of direct taxation that ensures no additional burden of direct taxes on the working and middle-class population of the country. Slabs and rates have been changed across the board to benefit all taxpayers. The new structure substantially reduces the taxes of the middle class and leaves more money in their hands, boosting household consumption, savings and investment, according to the government. The Finance Act, 2025, has increased the income threshold for claiming a tax rebate under section 87A of the Income Tax Act, 1961 for resident individual taxable under the new tax regime under section 115 BAC of the Act from Rs 7 lakh to Rs 12 lakh, and the maximum rebate amount has been raised from Rs 25,000 to Rs 60,000. Marginal relief as provided earlier under the new tax regime is also applicable for income marginally higher than Rs 12,00,000, as per the Finance Ministry. The new income tax bill will make filing taxes easier for common citizens and small businesses.
Mint
3 days ago
- Business
- Mint
Here's how much Akash, Isha, and Anant Ambani earned from Reliance in FY25
Mukesh Ambani-run Reliance Industries released its AGM report on Thursday, 7 August 2025. According to an official BSE filing, the oil major disclosed that Anant Ambani, Isha Ambani, and Akash Ambani received equal compensation for the financial year ended 2024-25. The data collected from the AGM report disclosed how much each non-executive and full-time director earned in the 2025-26 fiscal year. These directors included Ambani family members Anant, Isha, Akash, and Mukesh Ambani himself, along with other key executives. Apart from Mukesh Ambani, all three Ambani family members took home ₹ 2.31 crore each, including the sitting fee and commission, as part of the total remuneration. Total earnings of the Non-executive directors of Reliance Industries as of the financial year ended 2025-26. Mukesh Ambani, the Managing Director and Chairman of Reliance Industries, received zero salary for the fifth consecutive year in 2024-25. The salary figures include performance-linked incentives for the fiscal year 2023-24, which are disbursed in the 2024-25 fiscal year. Other whole-time directors Nikhil R Meswani and Hital R Meswani earned ₹ 25 crore each, while P M S Prasad earned ₹ 19.96 crore in the year ended 2024-25. The tenure of the Executive Director's office is five years from the date of appointment. Reliance appointed Anant Ambani as its new whole-time director after the board meeting of the April-June quarter in June 2025. Mint reported earlier that Mukesh Ambani's youngest son, Anant Ambani, was appointed as one of Reliance Industries' full-time directors, according to the company's exchange filing on Sunday, 29 June 2025. As the new full-time director of the oil marketing major, Anant Ambani will earn between ₹ 10 crore and ₹ 20 crore, including all the salary, perquisites, and allowances. 'Salary, Perquisites and Allowances shall be in the range of ₹ 10 crore to ₹ 20 crore per annum. Annual increments shall be as determined by the HRNR Committee,' the company informed BSE through the official filing. Reliance will give Anant Ambani an accommodation cost or house rent allowance, gas, electricity, and water, among other provisions, as part of the 'Salary, Perquisites and Allowances' according to the Income Tax Act of 1961. The youngest son of the Ambani family will also receive a contribution to the provident fund, superannuation or annuity fund, gratuity payable, and encashment of leaves from Reliance Industries, in addition to the ' ₹ 10 crore to ₹ 20 crore' salary. According to official data, Anant Ambani will also receive an extra payment based on the net profits, expense reimbursements, and security and medical reimbursement from the oil major.
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First Post
5 days ago
- Business
- First Post
Why Monsoon Session is a visionary one
Parliament's Monsoon Session represents more than simply a legislative sprint, it is an institutional inflection point read more Prime Minister Narendra Modi addresses the media on the first day of the Monsoon session of the parliament, New Delhi, July 21, 2025.(AFP) As the Monsoon Session of Parliament opened on July 21, 2025, a flurry of bills descended across both Houses. From maritime reform to sports governance. Over a six-week span, lawmakers will now grapple with eight new bills and seven pending ones, charting a course for India's economic and strategic vision towards a Viksit Bharat by 2047. Let's take a sector-by-sector breakdown of the most consequential legislation, the thinking behind it, and how it reflects National Democratic Alliance (NDA) 3.0's vision. STORY CONTINUES BELOW THIS AD When it comes to economic reforms, the idea seems to be a 3S approach. Simplify, Stimulate and Scale Up. The Income Tax Bill, 2025, first introduced in February and referred to a Parliamentary Committee, this bill aims to simplify the archaic Income Tax Act of 1961. Stripping out outdated clauses, simplifying provisions and enhancing Taxation Laws (Amendment) Bill, 2025, and the Manipur GST (Amendment) Bill, 2025, also await passage. Why is this so important? India's mission to boost ease of doing business relies on an efficient, transparent tax system. Simplified laws are expected to reduce litigation, promote compliance, and democratise access for small taxpayers. Presenting updated figures on national debt, GST collections and non-performing assets (NPAs) underscores the administration's preoccupation with fiscal health and macroeconomic resilience. These reforms feed directly into the Viksit Bharat 2047 narrative — building a modern economy through predictable governance. Then comes the Maritime Laws with the objective of replacing colonial legacies of another era. This overhaul replaces the Indian Lading Act of 1856 with a modern framework aligned with global shipping norms. Introduced via Lok Sabha earlier, it won Rajya Sabha clearance on July 21, 2025, paving the way for presidential assent. Union Minister Sarbananda Sonowal emphasised that this shift is a bold step away from colonial relics towards a 'Swarnim Bharat'. The law aims at clarity, ease of doing business, lower litigation, and enhanced alignment with India's global trade ambitions, reaffirming the strategic vision of leading 'whoever rules the waves'. Modernising shipping law isn't bureaucratic housekeeping; it supports Make in India, export competitiveness, and positioning India as a maritime hub. Sports governance seems to be all about setting new standards. The National Sports Governance Bill, 2025, and the National Anti-Doping (Amendment) Bill, 2025, were introduced on July 23 by Minister Mansukh Mandaviya. This pair aims to revamp sports oversight. The first will set up a central regulatory body for transparency in federations like the BCCI, while the second will aim to expand anti-doping authority. STORY CONTINUES BELOW THIS AD This is of vital importance, as India's sporting aspirations — especially its looming 2036 Olympics bid — demand a clean, professional and globally credible governance system. Disrupting the BCCI's dominance and enhancing accountability reflect a purposeful push towards systemic reform. Sports leadership is emerging as a national priority — one aligned with a proud, competitive Global India mindset. A suite of bills — the Mines & Minerals (Development and Regulation) Amendment Bill, 2025, and the Geoheritage Sites & Geo-Relics Bill, 2025 — focuses on sectoral modernisation. These are aimed at facilitating resource efficiency, protecting heritage zones, and empowering premier educational institutions. With mining reforms tied to private investment and economic readiness, and geoheritage protection dovetailing with tourism and environmental commitments, these bills build cohesive national infrastructure. Moving on to parliamentary digitalisation and electoral updates, new rules mandating digital attendance via devices and a push for multilingual digitalisation mark a drive to modernise parliamentary procedures. Also, a proposed resolution to extend the President's Rule in Manipur flags governance urgency in sensitive regions. These measures aim to bring transparency, accountability, and operational efficiency — fundamental to democracy and the rule of law. STORY CONTINUES BELOW THIS AD There's much brouhaha over the Fake News Bill, with much howling over the balance of speech and security. Last week's leaked draft of the Misinformation & Fake News (Prohibition) Bill, 2025, sparked legal alarms. The government reacted by pulling the draft for redrafting, indicating sensitivity to civil liberties concerns. Why so cautious, you ask? Well, the bill reflects the struggle to stem disinformation online — vital for national security — yet must avoid constitutional excess of any kind. The government's acknowledgement of flaws and willingness to redraft demonstrates responsiveness. There is also state-level activity running parallel to the national session, with Bihar unveiling 12 bills in its own Assembly, covering a skill university, municipal autonomy, land conversion protocols, GST updates and the Janaki temple trust. States are now mirroring the Centre by targeting education, infrastructure, local governance and religious trust regulation. All of this suggests a federal sweep of reform. So what is the bigger picture here? The modular vision for 2047? Well, three themes stand out. STORY CONTINUES BELOW THIS AD 1. Structural Modernisation: From tax to shipping to parliamentary systems, these bills are reorganising foundational institutions. 2. Global Integration: Bills in shipping and sports are clearly geared towards India's international standing and stature. 3. Governance and Rights Friction: The fake-news redraft and federal-provincial overlap reflect the enduring tension between authorities and liberties. Collectively, the session so far illustrates the government's dual focus on administrative reform and global ambition, anchored in the 2047 vision. While this session is marked by acrimony — debates around Operation Sindoor, terror threats, Bihar's electoral roll revamp, and even Donald Trump's comments threatening to derail business — the government seems determined to advance legislative reform, believing that modernisation can co-exist with political contestation. India's Monsoon Session represents more than simply a legislative sprint. It is an institutional inflection point. Crunchy tax law, post-colonial shipping rules, tighter sports governance and digital democracy are all stakes in the ground for an India racing towards 2047. STORY CONTINUES BELOW THIS AD The author is a freelance journalist and features writer based out of Delhi. Her main areas of focus are politics, social issues, climate change and lifestyle-related topics. Views expressed in the above piece are personal and solely those of the author. They do not necessarily reflect Firstpost's views.
India Today
01-08-2025
- Business
- India Today
New tax rules coming soon. How the Income Tax Bill 2025 could impact you
A new income tax law is on the way. Union Finance Minister Nirmala Sitharaman is expected to table the much-talked-about Income Tax Bill, 2025 in Parliament on August 11. This move could replace the current Income Tax Act of 1961, which has been in use for over 60 NEW IN THE INCOME TAX BILL, 2025?This new law aims to make income tax rules easier to understand, reduce legal disputes, and help people comply with tax rules more easily. The current Act is bulky, with over 5.12 lakh words, but the new Bill has been trimmed to about 2.6 lakh words. The number of sections has been cut down from 819 to 536, and chapters from 47 to the new law includes more tables, 57 compared to 18 earlier, it removes more than 1,200 provisos and 900 explanations, making the document cleaner and easier to read.A BIG CHANGE: SAY GOODBYE TO 'ASSESSMENT YEAR' One of the biggest changes in the new Bill is the introduction of a single 'tax year'. At present, we follow the concept of 'previous year' and 'assessment year', where income earned in one year is taxed in the new Bill wants to do away with this system and tax income in the same year it is earned. This change is meant to bring more clarity and reduce AND EASIER FOR ALLThe Bill also focusses on modernisation. It supports digital paperwork, introduces simpler dispute resolution methods, and aligns Indian tax laws with global standards, especially on international FROM THE SELECT COMMITTEEOn July 21, the Select Committee submitted its detailed report on the draft Income Tax Bill, 2025. The committee examined the proposed legislation and made 285 recommendations, all documented in a comprehensive 4,500-page the key suggestions were updates to certain definitions, such as "capital asset", "infrastructure capital company", and "micro and small enterprises," to ensure they align with other existing laws, reported Business panel also suggested providing more relief to taxpayers and homeowners by proposing a fairer method for calculating deductions on house property it recommended allowing loss carry-forwards even when there are temporary changes in shareholding, which could particularly benefit small investors and and environmentally-conscious businesses were also a focus, with proposals for clearer tax rules on R&D investments, tax relief for firms handling biodegradable waste, and more precise definitions for terms like 'parent company' in legal committee also wants to protect the rights of taxpayers. For example, they suggested keeping the phrase 'in the circumstances of the case' in certain tax avoidance rules, which could help reduce unnecessary legal religious and charitable organisations, they recommended taxing anonymous donations at 30%, but giving full exemptions to purely religious committee has also suggested that people with incomes below the taxable limit, who already have tax deducted (TDS), should not be forced to file tax returns just to get a HAPPENS NEXT?If passed, the Income Tax Bill, 2025, could become India's biggest tax reform in decades. It promises to simplify the entire system, reduce stress for taxpayers, and bring our laws in line with today's economy.- EndsMust Watch
