Latest news with #NewIncomeTaxBill
India Today
a day ago
- Business
- India Today
5 Key Proposals in the New Income Tax Bill 2025
5 Key Proposals in the New Income Tax Bill 2025 28 Jul, 2025 Credit: Getty It is recommended that no penalty should apply if your income is below the taxable limit and you're filing only to claim a refund. No Penalty for Late Refund Claims It is suggested that the new bill to clearly define the 30% standard deduction for house property income after municipal tax deductions. Clarity on 30% Standard Deduction It is proposed that the benefit of home loan interest deductions, currently only available for self-occupied properties, should also be extended to rented properties. Interest Deduction for Rented Homes A simplified and quicker refund process is being proposed to reduce delays and frustration for honest taxpayers. Faster Refunds for TDS/TCS The bill aims to replace the 1961 Act with a modern, transparent, and taxpayer-friendly system starting next year. Digital, Friendly Tax System Ahead
India Today
2 days ago
- Business
- India Today
New Income Tax Bill 2025: 3 key changes that could make ITR filing easier
Filing your income tax return (ITR) may soon become more easier. The Select Committee submitted a report to Parliament, recommending major changes that may improve the annual tax filing committee submitted its report to Parliament on 21 July. It's over 4,500 pages long and includes 285 suggestions to improve the draft New Income Tax Bill, 2025, which is meant to replace the old 1961 Act. Among the many proposals, a few stand out that could directly benefit ordinary taxpayers. Here are three major changes being considered:advertisementNO PENALTY IF YOU'RE FILING JUST FOR REFUNDAt present, if you miss the ITR deadline, even if you're filing just to get a refund, you may be charged a penalty of up to Rs 1,000. But the committee has recommended a welcome change. If your total income is below the taxable limit and you're filing only to claim a refund, you should not be penalised for missing the move is aimed at small taxpayers and salaried individuals who often file returns just to claim a refund but end up paying fines. It could offer relief to lakhs of people and make the system IN TAX RULES FOR HOUSE PROPERTY INCOMEIf you earn money from house property, there may be some relief coming your way. The Select Committee has suggested two important the 30% standard deduction, which is already allowed after municipal tax deductions, should be clearly mentioned in the new law. This will remove the benefit of home loan interest deductions, currently only available for self-occupied properties, should also be extended to rented properties. These suggestions could make things easier for middle-class homeowners and those investing in property for rental REFUND PROCESS FOR TDS AND TCSMany taxpayers face long delays in getting refunds for TDS (Tax Deducted at Source) or TCS (Tax Collected at Source). The committee wants the refund process to be quicker, easier, and more CBDT (Central Board of Direct Taxes) has also said that new rules are being drafted under a policy called 'Enforcement with Empathy,' aiming to reduce hassles for honest these suggestions are accepted, refund delays might become a thing of the HAPPENS NEXT?The government is currently reviewing the report. The final version of the Income Tax Bill is likely to be passed in the Budget session next year. Once approved, it will replace the Income-Tax Act of goal is to modernise the tax system and make it more digital, transparent, and friendly for the average taxpayer. These proposed changes show that the focus is shifting towards making tax filing easier and less small taxpayers, working professionals, and those earning rental income, this could be a major step in the right direction.- EndsTrending Reel
Hans India
5 days ago
- Business
- Hans India
Simplified language in new Income Tax Bill a significant shift: FM Sitharaman
New Delhi: The use of simplified language in the new Income Tax Bill, 2025 marks a significant shift in making the provisions easier to understand, reducing the potential for misinterpretation and enhancing taxpayer-centricity and compliance, according to Finance Minister Nirmala Sitharaman. Urging the I-T Department to accelerate disposal of disputed tax demands pending before faceless appellate authorities and ensure timely resolution of litigation backlog, she said the Department should identify and withdraw departmental appeals falling below the revised monetary thresholds announced in Union Budget 2024-25 within 3 months. 'Ensure timely processing of tax refunds and proactive and timely resolution of taxpayer grievances. Analyse the grievances and devise strategies not only to resolve the existing pendency but also to address the challenges that are causing the grievances in the first place,' she said at an event here on the occasion of the 166th Income Tax Day. She also requested the Department to undertake region-wise performance reviews to help identify factors hindering performance and streamline operations through indicators such as grievance disposal, Orders Giving Effect (OGE) issuance, rectification completion and processing of condonation cases under Section 119. The Finance Minister also congratulated the Department for its commendable work in efficiently drafting the New Income Tax Bill, 2025 within the stipulated timeline. She appreciated that the Department is actively addressing the recommendations received from the Select Committee. Looking ahead, the Finance Minister emphasised the importance of continuing this momentum, reaffirming the potential for further technological advancements to enhance consistent and efficient service delivery. She encouraged the Department to reaffirm its duty to serve taxpayers with fairness, empathy and professionalism, earning public trust not just through policy but through conduct. 'The CBDT must ensure that we provide adequate support to the staff and officers in terms of better workspaces and residential accommodations, so they don't have to commute in difficult situations and conditions. I would emphasise that the CBDT and the Department of Revenue prioritise the swift development of family accommodations and improved workspaces,' said the Finance Minister.
Time of India
6 days ago
- Politics
- Time of India
School Assembly news headlines for today July 24, 2025: From sports to education, check 20+ national & international news
School Assembly news headlines for today July 24, 2025: Here are today's School Assembly news headlines for July 24, 2025. Over 20 key national and international stories are making headlines, covering areas like sports, education, and current affairs. The Indian Air Force plans to retire all MiG-21 fighter jets by September, ending decades of service. The Supreme Court is set to hear Maharashtra's plea related to the 2006 Mumbai train blasts case. Parliament's Monsoon Session continues, marked by strong opposition protests. On the global front, peace talks between Russia and Ukraine are expected to resume soon. A major earthquake struck Russia's Kamchatka region, though no casualties have been reported. In sports, Australia's Mitchell Owen made history with a unique T20I record, while Indian chess players like Arjun Erigaisi continue to shine in international tournaments. These updates give students valuable insights and help them stay informed during today's school assembly. Today's national news headlines in English for school assembly, July 24, 2025 New Income Tax Bill halves word count, eases tax compliance while keeping rates unchanged. PM Modi begins four-day visit to UK and Maldives to strengthen trade, defence, education, and technology partnerships. Parliament adjourned for the third consecutive day amid Opposition demands on Bihar voter list and "Operation Sindoor" debate. Election Commission starts preparations for vice-presidential election after Jagdeep Dhankhar's resignation. Schools closed in multiple states including Uttar Pradesh, Tamil Nadu, Telangana, and Andhra Pradesh due to festivals and heavy rainfall. Today's international news headlines in English for school assembly, July 24, 2025 UN's top court to deliver a non-binding opinion on climate responsibility with potential global legal impact. United States announces withdrawal from UNESCO, citing cultural and organizational concerns. India to resume issuing tourist visas to Chinese nationals after a five-year pause. Tensions rise between Thailand and Cambodia after a landmine incident on the border. Today's sports news headlines in English for school assembly, July 24, 2025 Sports Minister presents bill in Parliament to improve transparency in national sports bodies including BCCI. Kabaddi league in Uttar Pradesh valued at ₹238 crore after its inaugural season due to rural and digital audience growth. Aditya Mehta reaches quarterfinals of IBSF 6-Red Snooker Championships with a strong comeback. NCSSR holds first ethics committee meeting to enhance research standards in sports science. India-England Test series underway with the fourth test starting in Manchester. Today's education news headlines in English for school assembly, July 24, 2025 Schools in several states observe closures due to cultural festivals like Kanwar Yatra, Aadi Amavasai, and severe weather. Andhra Pradesh EAPCET Round 1 seat allotment results announced, impacting thousands of students. Over 1.09 lakh vacancies announced in Central Armed Police Forces with ongoing recruitment drives. Authorities seize over 4.7 lakh pirated NCERT textbooks, addressing educational content piracy. PayPal integrates UPI via new PayPal World platform facilitating easier international payments for Indian users. Today's state news headlines in English for school assembly, July 24, 2025 Karnataka traders protest 6,000 GST notices based on UPI data; officials clarify notices are not final. Bengaluru small business owners plan three-day protest over GST UPI notices; government launches 'Know GST' campaign. Kanwar Yatra enters final stage with devotees reaching Shiva temples for Jalabhishek rituals. Justice Tarlok Singh Chauhan sworn in as 17th Chief Justice of Jharkhand High Court. Mumbai's Chhatrapati Shivaji Maharaj International Airport ranks among world's top 10 international airports in Travel + Leisure 2025 list. Top business and economic news headlines for July 24, 2025 Enforcement Directorate files case against Myntra for ₹1,654 crore FDI violation alleging misuse of wholesale model. RBI lifts restrictions on Religare Finvest Limited, allowing normal operations to resume. Infosys reports increased attrition rate of 14.4% in Q1 FY26; total headcount rises to 3.24 lakh employees. Indian government resumes issuing tourist visas to Chinese nationals after five years. IndiQube Spaces launches IPO with price band ₹225-237 per share, size ₹700 crore. Daily word and thought of the day for school assembly, July 24, 2025 For the school assembly on July 24, 2025, here are the daily word and thought of the day: Word of the Day for July 24, 2025: Quake — a verb meaning to tremble or shake, as the ground does in an earthquake. Thought of the Day for July 24, 2025: 'Many are the woes of the wicked, but the LORD's unfailing love surrounds the man who trusts in him.' — Psalm 32:10 (NIV). For more informative articles on historical and upcoming events from around the world, please visit Indiatimes Events.
NDTV
6 days ago
- Business
- NDTV
New Income Tax Bill Halves Word Count, Eases Compliance: Baijayant Jay Panda
New Delhi: BJP Member of Parliament and Chairman of the Finance Select Committee, Baijayant Jay Panda on Tuesday reflected upon the ongoing simplification of India's tax laws, stated that the newly proposed Income Tax Bill aims to make compliance easier for taxpayers without altering tax policies or rates. Speaking about the legislative overhaul, Mr Panda said the new draft bill reduces the word count of the Income Tax Act by nearly 50 per cent, from around 5 lakh words to 2.5 lakh. "Under PM Modi, a lot of the very obsolete laws have been overhauled over the last 11 years. In line with this, Finance Minister Nirmala Sitharaman had said last year that the Income Tax is also going to be overhauled for simplification," he said. "The Ministry had worked on it and presented to Parliament few months ago - a simple version of New Income Tax Bill where the word count has been reduced by 50 per cent, from 5 lakh-odd words to about 2.5 lakh simple formulae and tables have been given so that it becomes simpler," he further added. Mr Panda also highlighted the motive behind this move. "Our mandate was not to change the tax policy or to change the tax rates, it was to make sure that the Act becomes simple," Mr Panda clarified. Mr Panda presented the report of the Select Committee on the new Income-Tax Bill in Lok Sabha on Monday with its recommendations. Recently, the report of the parliamentary panel on the new Income-Tax Bill was presented in Lok Sabha. In its report, the panel has suggested important changes to tighten definitions, remove ambiguities, and align the new law with existing frameworks. The panel examined the Income-Tax Bill 2025, which seeks to simplify the language and structure of the Income Tax Act 1961 and submitted its report. The Income-Tax Bill, 2025, was tabled in Parliament in February and was referred to the Select Committee for a detailed examination. The Committee, in its 4,584-page report, identified several drafting corrections based on stakeholder suggestions, which they believe are essential for clarity and unambiguous interpretation of the new bill. The parliamentary panel has made a total of 566 suggestions/recommendations in its report.
