Congress Willing To Forge Pre-Poll Alliance For Jammu And Kashmir Polls: Mallikarjun Kharge

Donald Trump's Claims On Ceasefire 'Humiliating' For Country: Kharge In RS

August 22, 2024

SRINAGAR, Aug 22: Congress chief Mallikarjun Kharge on Thursday expressed willingness to forge an alliance with other opposition parties for...

“Tell Us Your Stand On Article 370”: G Kishan Reddy To Rahul Gandhi Amid Jammu And Kashmir Visit

“Elections Were Never Held So Peacefully In J&K”: G Kishan Reddy Highlights Record Voter Turnout In First 2 Phases

by Nigraan News Desk

August 22, 2024

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JAMMU, Aug 22: Union Minister G Kishan Reddy criticized Congress leader Rahul Gandhi’s visit to Jammu and Kashmir on Thursday,...

BSF DG Visits Forward Areas Along IB In J&K, Reviews Security

by Nigraan News Desk

August 22, 2024

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Jammu, Aug 22: BSF Director General Daljit Singh Chawdhary on Thursday visited forward areas along the International Border in Jammu...

LoP Rahul Gandhi Visits Top Srinagar Eatery For Dinner

by Nigraan News Desk

August 22, 2024

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SRINAGAR, : Leader of Opposition in the Lok Sabha Rahul Gandhi on Wednesday visited a famous eatery in the heart...

70% Party Structure Was Dismantled In Last 2 Years, Re-Structured Party At District Level Again: Vikar Rasool

by Nigraan News Desk

August 22, 2024

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SRINAGAR, Aug 22: Former J&K PCC President Vikar Rasool Thursday said that in the past two years, Congress faced a...

IT Dept Processes 5 Cr ITRs; New Tax Regime Most Popular Among Taxpayers

On Tuesday, Parliament passed the new income tax bill, replacing the six-decade-old Income Tax Act, 1961. The legislation aims to make the direct tax law easier to read, understand, and implement. The Rajya Sabha returned the bill to the Lok Sabha with a voice vote as part of the parliamentary procedure. Introduction of ‘Tax Year’ and Expanded Digital Asset Definition The new bill introduces the concept of a ‘tax year’, replacing the financial year and assessment year to reduce confusion for taxpayers. It also broadens the definition of virtual digital assets to include crypto-assets, non-fungible tokens (NFTs), and other digital assets as specified by the government. The legislation makes it mandatory for taxpayers to provide access to virtual spaces, including social media accounts, email servers, and cloud storage, during search operations. Finance Minister Nirmala Sitharaman stated that the Central Board of Direct Taxes (CBDT) will issue standard operating procedures for handling digital data during searches, ensuring taxpayer privacy. She emphasised that the income tax department must ‘reboot’ its computer systems for the new law by April 1, 2026. Finance Minister Highlights Simplified Approach “These changes are not superficial; they reflect a new, simplified approach to tax administration. The leaner and more focused law is designed to make it easy to read, understand, and implement,” Sitharaman said while addressing the Rajya Sabha discussion. Sitharaman criticised opposition parties for staging a walkout in the Rajya Sabha on Tuesday, after they had done the same in the Lok Sabha the previous day. She expressed disappointment over their absence, especially after both houses had agreed to 16 hours of debate on the bill in the Business Advisory Committee. The Finance Minister stressed the importance of passing the bill on time, citing the need to upgrade the income tax department’s computer systems to implement the new law from April 1, 2026. Taxation Laws (Amendment) Bill, 2025 Passed In addition, Sitharaman introduced the Taxation Laws (Amendment) Bill, 2025, which was also passed by the Rajya Sabha. The amendment provides tax exemptions for public investment funds of the Kingdom of Saudi Arabia and its subsidiaries, allows partial withdrawal for subscribers of the Unified Pension Scheme, and modifies the definition of income in block assessments during search and seizure cases. Sitharaman highlighted the urgency of these measures and noted that, due to the economy, the government wants to implement these changes quickly instead of waiting for the finance bill.

by Nigraan News Desk

August 22, 2024

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ITR Processing Time 2024: Revenue Secretary Sanjay Malhotra on Wednesday said the income tax department has processed close to 4 crore ITRs for...

Coalition to take place in J&K ‘but’ not at the cost of Congress workers’, leaders’ interest: Rahul Gandhi in Sgr

'Flown To Vietnam': BJP Vs Congress In New War Of Words Over Rahul Gandhi's Foreign Trip

by Nigraan News Desk

August 22, 2024

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Says INDIA bloc has managed to shake Modi’s confidence, psychology; have blood relation with J&K, Many Indian States converted into...

This Asian Bird Saliva Soup Is One Of The World’s Most Expensive Foods

by Nigraan News Desk

August 22, 2024

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The world is filled with eccentric dishes that never fail to amaze us. One such peculiar dish is Bird’s Nest...

Discovering Umami: Japan’s Flavorful Fifth Taste

by Nigraan News Desk

August 22, 2024

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Umami is often described as the fifth taste, alongside sweet, sour, salty, and bitter. It represents a savory, rich, and...

Harris received support from top Democratic leaders in her bid to White House

Harris Campaign Rejects Trump Claim On Agreement Over Hot Mics For Sept 10 Debate

by Nigraan News Desk

August 22, 2024

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Kamala Harris has received unprecedented support from three top leaders of the party -- former president Bill Clinton, House Minority...

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