Parliament on Tuesday passed the new Income Tax Bill 2025, set to replace the six-decade-old Income Tax Act, 1961. The legislation, aimed at simplifying and modernising tax laws, is expected to come into effect from April 1, 2026. Finance Minister Nirmala Sitharaman, speaking in the Rajya Sabha, described the new law as “leaner and more […]
New Delhi: When the Goods and Services Tax (GST) came into effect on 1 July 2017, it replaced a maze of central and state indirect taxes with a single, streamlined system. Under the GST framework, goods and services fall into five main slabs—0%, 5%, 12%, 18%, and 28%. The 28% slab stands at the very
The Indian mutual fund market has undergone a major shift with the introduction of Section 194K under the Income Tax Act — a provision that mandates Tax Deducted at Source (TDS) on certain mutual fund earnings. For investors, understanding these rules isn’t just good practice; it’s critical to maximizing net returns and staying compliant with
Introduction Since its introduction on 1 July 2017, India’s Goods and Services Tax (GST) has transformed indirect taxation by unifying multiple levies under a single framework. While GST is divided into multiple slabs—0%, 5%, 12%, 18%, and 28%—the 18% GST slab stands out as the country’s “standard rate.” This category covers a vast range of
Introduction If you’re earning a ₹14 lakh annual salary in the financial year 2025-26, understanding your income tax liability is crucial. With evolving tax rules and two different regimes to choose from, your actual tax outgo can vary significantly depending on the deductions and exemptions you claim. This guide explains the latest tax rates, compares
Introduction India’s Goods and Services Tax (GST), rolled out on 1 July 2017, replaced a patchwork of indirect taxes with a unified, multi-rate structure. Designed to categorize goods and services based on necessity, value addition, and affordability, GST features slabs ranging from 0% for essentials to 28% for luxury items. Nestled in the middle, the
Introduction In India, the taxation system has undergone significant reforms, and one of the most important provisions for the lottery industry is Section 194G of the Income Tax Act.This section deals with Tax Deducted at Source (TDS) on commissions earned from lottery tickets. For lottery agents, distributors, and operators, understanding this rule is crucial. It
