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News on Medial
Income Tax Bill 2025 vs Income Tax Act 1961: What all has changed under the new bill; check FAQs
Business Today
·
5m ago
Medial
Ashutosh Kumar made a unique pitch on Shark Tank India 4, offering Rs 10 for the Sharks’ advisory support. In a surprising turn, all five Sharks—Anupam Mittal, Aman Gupta, Vineeta Singh, Peyush Bansal, and Namita Thapar—accepted his original offer, later providing Rs 10 lakh for a 4% stake in his venture. This marked Kumar as the first repeat pitcher in the show's history to secure a unanimous deal.
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Related News
Income Tax Bill, 2025
Business Today
·
5m ago
Medial
Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025, in Lok Sabha, targeting to simplify and modernize the existing Income Tax Act of 1961. The new bill will comprise 23 chapters, 16 schedules, and about 536 clauses, simplifying the previously more extensive act. Parliament's next sessions are scheduled from March 10 to April 4, 2025. Additional legislative details can be accessed at sansad.in/ls/legislation/bills.
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Tax reforms to follow simplification bill
Livemint
·
22d ago
Medial
The Income Tax Bill, 2025, aims to simplify the over-60-year-old Income Tax Act of 1961 and will be introduced in the monsoon session of Parliament. This initiative seeks to set the stage for future substantive reforms in direct tax laws, focusing on personal and corporate income taxation. The finance ministry believes that a simplified and more readable law will facilitate targeted reforms through subsequent annual Finance Acts.
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Parliamentary panel recommends ease in refunds to small tax payers if IT return not filed in due time
Economic Times
·
18d ago
Medial
The parliamentary panel on the new Income-Tax Bill recommends easing refunds for small taxpayers even if returns are filed late. The bill, aimed at simplifying the Income Tax Act of 1961, received 566 recommendations for clarity. Key suggestions include allowing refunds without timely filing for incomes below the taxable threshold, adjusting the standard deduction for property taxes, and defining terms related to non-profit organizations and enterprises. Amendments are also suggested for advance ruling fees and TDS on provident funds.
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Unaccounted income invested in Virtual Digital Assets on CBDT radar
Economic Times
·
1m ago
Medial
The Central Board of Direct Taxes (CBDT) is scrutinizing tax evasion through crypto investments by high-risk individuals. Various entities and persons failing to comply with the Income-tax Act, particularly regarding Virtual Digital Asset (VDA) transactions, are under review. This follows the introduction of a 30% flat tax on VDA income under Section 115BBH of the Income Tax Act, 1961. CBDT is using data analytics for verification and has launched a campaign to encourage taxpayers to declare undeclared VDA income.
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Recognised startups eligible for various tax exemptions, deductions: I-T department
Economic Times
·
3m ago
Medial
The Income Tax department announced that startups recognized by the Department for Promotion of Industry and Internal Trade (DPIIT) are eligible for various tax exemptions and deductions under the Income Tax Act, 1961. Investments in these companies are not subject to scrutiny if they fulfill conditions from a 2019 DPIIT notification and file the required declaration. The government relaxed the startup definition for full angel tax concessions on investments up to Rs 25 crore.
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CBDT extends tax return filing deadline to Dec 15
YourStory
·
8m ago
Medial
The income tax return filing deadline for the financial year 2023-24 has been extended by an additional 15 days to December 15. This extension applies to taxpayers who are required to furnish a report under section 92E of the Income-tax Act, 1961. The announcement was made by the Central Board of Direct Taxes, extending the deadline for the assessment year 2024-25. This extension provides relief to taxpayers with international transactions who need to submit reports under Section 92E.
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Budget 2024: FM Hikes Long Term Capital Gains Rate To 12.5%
Inc42
·
1y ago
Medial
In the Budget speech, the FM announced that the exemption limit for capital gains will be set at INR 1.25 lakh per year. Additionally, short-term gains on certain financial assets will now be taxed at a rate of 20% instead of 15%. This update is expected to affect startups, as stock options are considered part of employees' salaries and are subject to taxation under the Income Tax Act of 1961.
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Equalisation Levy on online advertisements to be abolished from April 1
YourStory
·
4m ago
Medial
The government has proposed abolishing the 6% Equalisation Levy on online advertisements from April 1, 2025, as part of 59 Finance Bill amendments. This move aims to reduce the tax burden on digital ad consumers and platforms like Google, X, and Meta, aligning with efforts to simplify income tax legislation. It also addresses concerns from the US regarding the unilateral nature of the levy and aims to prevent potential reciprocal tariffs.
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Startup backers told to share investment information
Economic Times
·
3m ago
Medial
The income tax department has issued notices to startup funders and promoters, requesting investment details and tax returns for three prior years, particularly for non-DPIIT-recognized startups or suspected fund "round-tripping" cases. This action, under Section 68 of the Income Tax Act, seeks clarification on unexplained income sources. Concerns arise over treating share issue amounts as income and privacy of personal tax records. However, DPIIT-recognized startups remain exempt from such scrutiny, with the focus primarily on investments from tax havens.
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Tax labelled as 'money legally stolen from you' by Fold app, changes it after criticism
Twitter
·
1y ago
Medial
Bengaluru-based Fold Money was criticised for allowing labelling tax as "money legally stolen from you" on its app. A user shared a screenshot on X saying, "This is problematic...[It] belittles the lives of millions of Indians who rely on government support." Thanking the user for his feedback, Fold Money later changed the label to "Income tax, property tax, etc."
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