National

5 IAF personnel killed in crash of AN-32 transport plane in Assam

June 13, 2026

PM Modi Embarks on Six-Day Visit to France, Slovakia

June 13, 2026

India has 60 days of crude oil, 60 days of Natural Gas & 45 days of LPG rolling stock: Centre

May 12, 2026

PM Modi Marks 11 Years Of PMMY; Boosts Youth Self-Employment

April 8, 2026

Indian Defence Forces Committed To Adapting To Changing Environment: CDS Chauhan

Sudarshan Chakra Project Will Need Huge Tri-Services Efforts: CDS Chauhan

August 26, 2025

Mhow (MP), Aug 26: The ‘Sudarshan Chakra’ air defence system will entail development of a robust infrastructure comprising a range...

Vehicle Plunges Into River Ahead of Kiren Rijiju’s Convoy in Ladakh, Both Occupants Rescued

August 26, 2025

Drass, Aug 26, KNT: A vehicle fell into a river near Drass in Ladakh on Monday morning, but timely intervention...

DRDO Successfully Conducts Maiden Flight Tests Of Integrated Air Defence Weapon System

New Delhi, Aug 24: Premier Defence Research agency DRDO (Defence Research and Development Organisation) has conducted the maiden flight tests...

Gaganyaan Mission Symbol Of New Chapter In Journey Of Atmanirbhar Bharat: Rajnath

आज भारत चन्द्रमा से लेकर, मंगल ग्रह तक अपनी उपस्थिति दर्ज करा चुका है। आज भारत गगनयान जैसे मिशन के...

Former CRPF DG Anish Dayal Singh Appointed Deputy NSA

New Delhi, Aug 24: Former CRPF and ITBP director general Anish Dayal Singh has been appointed the new deputy National...

Not Good If House Not Allowed To Run Session After Session For Political Gain: Amit Shah

New Delhi, Aug 24: Union Home Minister Amit Shah on Sunday said Parliament or Assemblies are places of debate and...

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

August 14, 2025

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

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.

Parliament Passes New Income Tax Bill To Replace 1961 Act

August 13, 2025

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

India Slams Pakistan’s ‘Nuclear Sabre-Rattling’ After Army Chief’s US Remarks

August 11, 2025

India Slams Pakistan’s ‘Nuclear Sabre-Rattling’ After Army Chief’s US Remarks Srinagar, Aug 11 (KNC): The Ministry of External Affairs (MEA)...

Grateful Nation Can Never Forget Chaudhary Charan Singh’s Contribution To Nation-Building: PM Modi

PM Modi Arrives In Bengaluru, Flags Off Major Rail & Metro Projects