New Income Tax Bill 2025

Gift Tax Under the New Income Tax Act 2025.

Gift tax is one of the most misunderstood areas of income tax in India. Many taxpayers assume that receiving money, property, or valuable items as a gift is always tax-free, while others believe every gift attracts tax. Under the Income Tax Act, 1961, as applicable for Financial Year 2025-26, gift taxation is governed by specific […]

Income Tax

Parliament Passes New Income Tax Bill 2025: Key Changes and What It Means for Taxpayers

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