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Lok Sabha Passes Income-Tax and Taxation Laws Bills Why in the News? The Lok Sabha passed the Income-Tax (No. 2) Bill, 2025 and the Taxation Laws (Amendment) Bill, 2025 through a voice vote amid opposition protests from the treasury benches, marking a significant step in simplifying and reforming India’s tax framework. Reform Journey and Legislative …
Read More“Revised ITR Forms for FY25: Key Changes” Syllabus: GS-2:Government Policies & Interventions GS-3:Growth & DevelopmentPlanningGovernment BudgetingFiscal Policy Focus: The Indian government has introduced significant changes in the Income Tax Return (ITR) forms for the Assessment Year 2025-26 to simplify tax filing processes and improve transparency. The updates focus on capital gains, tax-saving investments, allowances, and …
Read MoreSyllabus: GS-3: Mobilization of Resources , Fiscal Policy Focus: The Income-tax Bill, 2025, introduced in the Lok Sabha, aims to replace the Income-tax Act, 1961, by removing outdated provisions, simplifying tax laws, and reducing litigation. It introduces clear tabular formats, eliminates redundant sections, and replaces the ‘Assessment Year’ with ‘Tax Year’, ensuring a more transparent …
Read MoreWhy in the news? November 2024 GST collections rose 8.5% YoY to ₹1.82 trillion, reflecting festive-driven demand. However, collections were slightly below October’s ₹1.87 trillion, highlighting uneven regional performance and potential economic recovery concerns for upcoming months. About the GST Collections in November 2024: GST collections for November 2024 reached ₹1.82 trillion, an 5% year-on-year …
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