New Income Tax Bill, 2025, set to replace 1961 Act from Apr 2026

Feb 12, 2025, at 08:35 pm

New Delhi: The Income Tax Bill, 2025, which is expected to be tabled in Parliament soon, will come into effect from April 1, 2026, replacing the Income Tax Act, 1961, Business Standard reported.

Draft rules to implement the law for scraping retro tax provisions framed

Aug 29, 2021, at 02:42 am

New Delhi/UNI: The government has framed draft rules to implement the recent amendment in Income Tax Act to scrap retrospective tax provisions.

Different Income Heads Taxable Under the Income Tax Act

Jan 04, 2019, at 11:42 am

There are five different heads on income described under the Income Tax Act 1961, which cover every taxable source of income in India and help consolidate them. At the end of each year, you have to classify your annual earnings under these heads and calculate the amount of tax payable by you.

Country-wide E-assessment to be rolled-out to replace age-old assessment procedure

Feb 01, 2018, at 08:36 pm

New Delhi, Feb 1 (IBNS): In the General Budget 2018-19 presented in Parliament on Thursday, FM Arun Jaitley proposed to amend the Income-tax Act to notify a new scheme for assessment.