Illegal Betting App: ED Freezes Rs 110 Cr Worth Bank Funds; Seizes 1,200 Credit Cards

by Nigraan News Desk

August 14, 2025

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New Delhi, Aug 14: Funds worth Rs 110 crore kept in mule bank accounts have been frozen and 1,200 mule...

Tricolor Waves High: Anantnag Police and District Administration Unite for Tiranga Rally

by Nigraan News Desk

August 14, 2025

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In a spirited celebration of national pride and unity, Anantnag Police, in collaboration with the District Administration, today organised a...

Massive Cloudburst In J&K’s Kishtwar, Rescue Teams Rush To Site

28 Bodies Recovered So Far After Massive Cloudburst in Kishtwar

by Nigraan News Desk

August 14, 2025

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JAMMU, Aug 14: A massive cloudburst was reported in Jammu and Kashmir’s Chositi on Thursday, prompting rescue teams to rush...

J&K Police bag highest number of Gallantry Medals on I-Day 2025

by Nigraan News Desk

August 14, 2025

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Srinagar, Aug 14 (KNO): Jammu and Kashmir Police has secured the highest number of Gallantry Medals in the country on...

Five Injured in Accident at Baghi Mehtab, Srinagar hospitalized

by Nigraan News Desk

August 14, 2025

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Srinagar, Aug 14 : Five persons were injured in a road accident during night hours at Baghi Mehtab area of...

MeT predicts moderate showers in Kashmir, heavy rains in Jammu till Aug 15

by Nigraan News Desk

August 13, 2025

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Srinagar, Aug 13 (KNO): As the temperatures continued to soar once again across the valley, the weatherman here has predicted...

Ahead of I-Day security forces on high alert along LoC in J&K

Infiltration Down Along LoC In J&K Due To Increased Surveillance: BSF

by Nigraan News Desk

August 13, 2025

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Smart fencing, drones, rapid response teams deployed in sensitive areas, troops conduct exercises, use latest equipment to prevent infiltration attempts...

Waheed Para Calls for Immediate Clearance of 928 SRO-43 & 1,279 RAS Compassionate Appointment Cases

Waheed Para Questions Omar Abdullah’s Response to Iran Attack

by Nigraan News Desk

August 13, 2025

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Srinagar, August 13: PDP leader and MLA Waheed Para today strongly criticised the prolonged inaction over 928 SRO-43 cases and...

JK Super Cement being launched in Kashmir, Strengthening Presence in Northern Markets

by Nigraan News Desk

August 13, 2025

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JK Super Cement being launched in Kashmir, Strengthening Presence in Northern Markets Srinagar, 13th August 2025: Saifco Cements Pvt. Ltd,...

Parliament Passes New Income Tax Bill To Replace 1961 Act

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 13, 2025

0

On Tuesday, Parliament passed the new income tax bill, replacing the six-decade-old Income Tax Act, 1961. The legislation aims to...

Nigraan News Desk