The Union Cabinet is set to approve a new Income Tax Bill on February 7, with plans to introduce it in the Lok Sabha during the ongoing Budget session. This bill seeks to replace the existing Income Tax Act of 1961 with a more streamlined and taxpayer-friendly system. Objective of the New Tax
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The government is reportedly considering reducing income tax rates in the upcoming Budget 2025. This potential move aims to bolster consumption and stimulate economic growth amid concerns of sluggish demand. Sources indicate that the Ministry of Finance is exploring strategies to provide relief to taxpayers, particularly those in the middle-income bracket. Focus on
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The 53rd GST Council meeting held in Jaisalmer on December 21 saw deliberations on significant tax reforms aimed at improving compliance and addressing industry concerns. Chaired by Finance Minister Nirmala Sitharaman, the council discussed crucial policy matters that impact businesses and consumers alike. Tax Rate Adjustments and Clarifications One of the primary focuses