Union Finance Minister Nirmala Sitharaman is expected to introduce a new Income Tax Bill in Parliament today that will replace the existing Income Tax Act of 1961. The purpose of this new bill is to simplify the language and provisions of the current tax law, making it easier to understand and more accessible for taxpayers. The bill is part of the government’s ongoing efforts to reform and modernize the Indian tax system. The new bill will streamline various processes, eliminate complex

The Union Budget 2025 has introduced significant changes to the income tax regime, offering relief to middle-class taxpayers. Finance Minister Nirmala Sitharaman proposed raising the basic exemption limit to Rs 4 lakh and increased the income threshold for the rebate under Section 87A to Rs 12 lakh. This means individuals earning up to Rs 12 lakh, with a standard deduction of Rs 75,000, can avoid paying taxes altogether. But for those earning more than Rs 12.75 lakh, choosing between the old

Volkswagen has filed a lawsuit against Indian authorities, contesting a $1.4 billion tax demand that the company describes as "impossibly enormous" and in violation of India’s import tax regulations. The dispute centers around the classification of car imports, with Indian officials accusing Volkswagen of misclassifying imports to avoid higher customs duties. In particular, Volkswagen allegedly broke down nearly complete vehicles into individual parts, which are subject to low

Income Tax: Union Budget 2025 introduces a revamped tax regime, with key reforms aimed at providing relief to the middle class. The new tax slabs are as follows: Up to Rs 4 lakh - 0% Rs 4-8 lakh - 5% Rs 8-12 lakh - 10%

DTC to Be Introduced Separately: Sources have confirmed that the much-anticipated Direct Tax Code (DTC), which seeks to simplify India’s income tax laws, will be introduced separately and not as part of the Union Budget 2025. Finance Minister Nirmala Sitharaman is expected to deliver the budget speech on Saturday, but the new tax code will be presented at a later date. This move marks a shift from earlier reports suggesting the DTC would be included with the budg

With the Modi government set to present its second full budget for the third term in power, the middle and lower-income groups across India are hopeful for key reforms that could alleviate their financial burdens. The anticipated reforms in Budget 2025 include tax relief measures, simplification of income tax laws, and a focus on financial literacy, insurance, and retirement savings. Key Expectations from Budget 2025 Insurance Sector Reforms:

House Rent Allowance (HRA) is a component of an employee’s salary provided by employers to help cover rental expenses. Depending on various conditions, HRA may be partially or fully exempt from taxes. However, to benefit from this exemption, employees need to meet specific criteria. Is HRA Taxable? While HRA is part of an employee’s salary and is initially included in taxable income, it can be exempt under certain conditions. If the employee lives in a rented

The U.S. decision to withdraw from the Organisation for Economic Co-operation and Development’s (OECD) global tax deal, led by President Trump in his second term, could lead to significant shifts in the global tax landscape. However, according to tax expert Rakesh Nangia, India's tax policy will not be heavily impacted by this move. India had taken a more cautious approach toward implementing the Global Anti-Base Erosion (GloBE) rules and had not introduced substantial changes to it

For many young people, managing bills and budgets can leave very little room for savings, but even small investments in tax-free schemes can significantly contribute to building a secure financial future. These investments act as a foundation for a solid tax strategy, offering benefits under the old tax regime with annual investment limits. Section 80C Under Section 80C of the Income Tax Act, you can invest in options like the Public Provident

The UK government is taking decisive action to protect women and girls from the harm caused by sexually explicit deepfakes. In a new proposal, individuals who create or share these images could face criminal charges. This initiative aims to close existing legal gaps by criminalizing the taking and sharing of intimate images without consent. Under the new law, perpetrators could face up to two years in prison. Currently, sharing or threatening to share intimate images, including deep

Between April and November 2024, the Indian government dispersed Rs 3.08 lakh crore in income tax refunds, reflecting a significant 46% increase compared to the same period last year. As of November 22, about 98.35% of Income Tax Returns (ITRs) filed have been e-verified, with a record-breaking 69.93 lakh ITRs submitted on a single day, July 31. The total number of ITRs filed by November 22 stands at 8.50 crore, a 7.32% increase from the previous year. The introduction of innovation

Union Finance Minister Nirmala Sitharaman will chair the 55th GST Council meeting in Jaisalmer, Rajasthan, on Saturday, December 21. This meeting will focus on several important discussions related to the Goods and Services Tax (GST) in India. The agenda includes deliberations on taxability issues concerning food delivery platforms such as Swiggy and Zomato, and potential changes to GST rates on products like health insurance premiums, life insurance, wristwatches, shoes, and apparel. The cou

The US government is facing a potential shutdown as the Friday night deadline for passing a spending bill approaches. The shutdown, driven by political deadlock, could furlough around 875,000 federal workers while 1.4 million essential workers would continue without pay during the holiday season. Although essential services like air traffic control and law enforcement would remain operational, employees will not be paid immediately, though they typically receive retroactive compensation once

India introduced the Goods and Services Tax (GST) in 2017 to simplify the tax structure and reduce the tax burden. Recent data shows that the gross GST collection for October 2024 rose by 9% to ₹1.87 lakh crore, a record second-highest figure. However, a recent proposal by the Group of Ministers (GoM) on GST Rates Rationalisation suggests a new 35% GST slab on products like aerated drinks and tobacco, which has raised concerns. The proposal aims to target 'sin' products such as thos

Bangladesh's interim government has accused Adani Power of breaching a multi-billion-dollar agreement related to the supply of electricity from its coal-fired plant in India. The dispute centers on Adani Power withholding tax benefits that the power plant was entitled to under the agreement. The Indian company signed a deal with Bangladesh in 2017 to supply power from the Godda plant, but Dhaka claims that Adani Power failed to pass on the tax exemptions it received from the Indian govern

Bitcoin reached an all-time high of over $106,000, marking a significant milestone just 10 days after surpassing the $100,000 mark. The cryptocurrency’s surge is fueled by expectations that the Federal Reserve may cut interest rates during its upcoming policy meeting. Lower interest rates historically benefit Bitcoin, as they weaken the US dollar and increase the money supply, driving investor interest in digital assets. Bitcoin has risen over 77% in the last year, and its rec

US President Joe Biden announced on Sunday that he had granted a pardon to his son, Hunter Biden, who was convicted of making false statements on a gun background check and illegally possessing a firearm. Hunter Biden had also pled guilty to federal tax charges, admitting to failing to pay $1.4 million in taxes. President Biden expressed that his decision to pardon his son came after years of what he described as unfair, politically motivated prosecution. Biden stated that he had pr

The Indian Ministry of External Affairs (MEA) has clarified that the government has not received any communication from the United States regarding the Adani Group. In its weekly briefing, MEA spokesperson Randhir Jaiswal rejected media reports about the US summoning Adani Group Chairman Gautam Adani and other executives. He emphasized that the issue is a private legal matter involving individuals and the US Department of Justice, with no prior notification sent to the Indian government.

The Finance Ministry is set to review the windfall tax on fuel exports, including petrol, diesel, and Aviation Turbine Fuel (ATF), following the stabilization of global crude oil prices. The tax, introduced in July 2022, was implemented to address the substantial profits earned by oil refiners exporting fuel, which had an impact on domestic supplies. The review will assess the tax’s effectiveness and the revenue it has generated, with the Ministry of Petroleum and Natural Gas already re

A major legal battle is unfolding as Gautam Adani, the Indian business magnate, and several of his associates face a $265 million bribery charge in the United States. This indictment, which also implicates his nephew Sagar Adani and executives from an Indian renewable-energy company, is raising significant questions about the extraterritorial application of US laws, especially since those involved do not reside in the US. Prominent Indian-American attorney Ravi Batra highlighted the