New Income Tax Bill cleared by Cabinet: What is the New Income Tax Bill & why is it being introduced? Explained
The Union Cabinet has approved the New Income Tax Bill, which aims to replace the 1961 Act by simplifying direct tax legislation. This proposed bill, featuring clearer language and concise sentences,
New income tax bill: What it could mean for taxpayers and how it can impact them
Finance Minister Nirmala Sitharaman, while presenting the Union Budget 2025 on February 1, announced that she will table the new income tax bill in Parliament next week. Many taxpayers and common citizens anticipate the new income tax bill to know how it could impact them.
Exclusive | What to expect from the new Income Tax Bill
One of the proposed changes is to present rates, thresholds, and limits in a tabular format, rather than in lengthy written paragraphs, making them easier to locate and understand for both taxpayers and tax professionals.
‘New income-tax bill to not have long sentences, provisos; will not put any extra tax burden’
Union Finance Minister Nirmala Sitharaman had stated that a new income tax legislation will be introduced by the government next week in the ongoing Budget session of the Parliament.
Kentucky Lawmakers Send Bill to Cut the State's Income Tax to the Governor. He Supports It.
Kentucky lawmakers completed their work Tuesday to reduce the state’s individual income tax rate, delivering on a top Republican priority on just the fifth day of this year's session. Final passage came on a 34-3 Senate vote to lower the tax to 3.
New income tax bill likely to be approved by Cabinet today: What to expect and key changes
The bill will not introduce new taxes. Instead, it will focus on simplifying tax laws, reducing legal complexities, and making compliance easier for taxpayers.
Kentucky legislature passes bill to cut individual income tax
The Kentucky legislature passed House Bill 1, which reduces the state's individual income tax from 4% to 3.5%.
Kentucky Senate passes income tax cut as bill heads to Beshear
A bill that would lower Kentucky’s personal income tax rate to 3.5% starting next year sailed through the state Senate. House Bill 1 passed by a 34-3 vote and will now head to Gov. Andy Beshear’s desk.
Income Tax Reduced For Millions of Americans
Kentucky Gov. Andy Beshear signed a bill into law which will reduce the personal income tax for millions of Kentuckians.
New Income Tax Bill expected to be approved by Cabinet today; key details on what all it may cover
The proposed legislation, as announced by Finance Minister Nirmala Sitharaman during the Budget 2025, will prioritise ...
Cabinet okays bill to replace Income Tax Act, may be tabled in parliament soon
The new Income Tax Bill is a key element of the regulatory reforms announced by finance minister Nirmala Sitharaman in her ...
Social Security Taxes to Change Under New Bill: Here's Who's Impacted
According to the Social Security Administration (SSA), the estimated average monthly Social Security retirement benefit for ...
No need to wait for Budget for Income Tax Relief! New Income Tax Bill may have unique features, likely to get cabinet nod today
Apart from tax relief provisions, the bill may introduce several structural and linguistic reforms. Such as replacing the term “Assessment Year” with “Tax Year”, eliminating British era references ...
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New Income Tax Bill Greenlit By Union Cabinet To Streamline Taxation Framework: Report
The Finance Secretary reportedly that the income tax bill prioritises simplification and will focus on lowering penalties for ...
Tariffs May Add $1,700 To Average Tax Bill, Hike Prices And Cut Income, Say Experts
Higher tariffs could worsen the squeeze on American families by increasing their taxes, lowering their income, and requiring ...
Did you receive a higher-than-expected tax bill from the IRS? Here are 3 strategies to bridge the gap
Nobody likes learning about unexpected tax liabilities at the last minute, but paying with cash isn’t your only option.