Political contribution deductions require genuine transactions; banking records and party registration alone cannot defeat evidence of accommodation e...
Post-death GST liability permits fresh proceedings against legal representatives, while discontinued-business recovery remains limited to the inherite...
Non-confirmation of FEMA seizure prevents adjudicators from overriding pending appellate findings on recorded reasons and suspected foreign asset hold...
Parliament has enacted a new Income Tax Bill, 2025, to replace the Income Tax Act of 1961, effective April 1, 2026. The new legislation does not alter tax rates but simplifies and modernizes the law by reducing sections from 819 to 536 and chapters from 47 to 23, while cutting the word count by nearly half. It introduces tables and formulas to enhance clarity and ease of understanding. The bill aims to streamline tax administration without increasing tax burdens. Alongside, the Taxation Laws (Amendment) Bill, 2025, was passed, amending provisions related to block assessments and extending tax benefits to certain foreign public investment funds. The government is preparing supplementary materials and rules to support implementation, and the income tax department will update its systems accordingly. The new law reflects a significant overhaul intended to improve taxpayer comprehension and compliance.
Parliament has enacted a new Income Tax Bill, 2025, to replace the Income Tax Act of 1961, effective April 1, 2026. The new legislation does not alter tax rates but simplifies and modernizes the law by reducing sections from 819 to 536 and chapters from 47 to 23, while cutting the word count by nearly half. It introduces tables and formulas to enhance clarity and ease of understanding. The bill aims to streamline tax administration without increasing tax burdens. Alongside, the Taxation Laws (Amendment) Bill, 2025, was passed, amending provisions related to block assessments and extending tax benefits to certain foreign public investment funds. The government is preparing supplementary materials and rules to support implementation, and the income tax department will update its systems accordingly. The new law reflects a significant overhaul intended to improve taxpayer comprehension and compliance.
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