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Syllabus: 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Focus: The Income-tax Bill, 2025, introduced in the Lok Sabha, aims to replace the Income-tax Act, 1961, by removing outdated provisions, simplifying tax laws, and reducing litigation.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? The Union Budget 2025 raised the Nil Tax Slab to ₹12 lakh, offering tax-free income up to ₹12.75 lakh for salaried individuals, along with new tax slabs to reduce the financial burden on taxpayers. Key Highlights: Finance Minister Nirmala Sitharaman presented the first full-fledged budget of the NDA government’s third term …
Read MoreWhy in the news? The Income Tax Department has extended the Vivad Se Vishwas scheme deadline to January 31, 2025, allowing taxpayers more time to settle tax disputes and avoid penalties under the scheme. Income Tax Department Extends ‘Vivad Se Vishwas’ Scheme Deadline: Extension of Deadline: The Income Tax Department has extended the deadline for …
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