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Govt creating new Income Tax Act for tech-driven taxpayers, scrapping convoluted older law

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4 months ago

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New Delhi, Feb 3: After providing a big relief to the Indian middle class in the Union Budget 2025-26, the government is all set to present a new Income Tax Bill this week which would further simplify the entire tax system, bringing sweeping reforms.

The current Income Tax Act was enforced in the country in 1961 and now, the new Income Tax Act is being made according to the needs of the 21st century to replace the existing law, according to sources close to the development.

While presenting the Budget in the Parliament, Finance Minister Nirmala Sitharaman said the country needs a new Income Tax regime and a bill for this would be introduced in this session — in all likelihood on February 6.

A review committee was formed for the new Income Tax law in the country to replace the earlier cumbersome law. According to sources, the new Income Tax Bill has been prepared by the government on the recommendation of the committee.

In this era of technology and massive digitalisation, taxpayers can perform several things online on his or her own. In such a scenario, there will be smooth changes in the new I-T Bill for the common man who can understand it seamlessly online. This is an attempt to make the system simple and convenient for common people,

If sources are to be believed, this bill is slated to be tabled in the Parliament on February 6. The simplification of this bill can be understood in a way that there are about 6 lakh words in the old Income Tax Act, which will be drastically reduced to about 3 lakh in the new bill, easy for taxpayers to comprehend.

The government is working on simplifying the language of the new Income Tax Bill. Actually, in the current Income Tax rules, the interpretation of one rule or the other can be different — creating confusion for taxpayers.

The earlier Income Tax law has been changed so many times and with so many additions, it became more incomprehensive for the common man.

The Parliament passed the Income Tax Act, which came into force on April 1, 1962. Since then, several amendments have been made, again and again, making it all the more complicated.

Now, as part of the process of its simplification, the government felt the need to create a new I-T Bill so that people could understand it easily.

If sources are to be believed, people are also afraid that after the implementation of the new Income Tax rules, the government will abolish the old tax regime.

But, according to sources, no such plan is there with the government yet. According to the government, about 78 per cent of taxpayers have already shifted to the new tax regime. Still, according to sources, the government is not in the mood to make any major changes to the old tax regime.

On the other hand, if sources are to be believed, the government is also trying to reduce people’s dependence on government schemes for investment so that people invest more in other assets, ranging from mutual funds and SIP to the stock market, which can be beneficial for people.

Along with this, the government’s intention behind giving such a big relief to the taxpayers is to increase private consumption which would directly benefit the health of the economy.

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ACME Solar’s net profit for FY25 crashes over 64 pc to Rs 250.8 crore

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16 hours ago

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May 20, 2025

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Mumbai, May 20: Gurugram-based renewable energy player ACME Solar Holdings Limited has reported a steep decline of over 77 per cent year-on-year (YoY) in its consolidated net profit, which dropped to Rs 122 crore in the March 2025 quarter (Q4 FY25).

The company had posted a net profit of Rs 532.3 crore in the same period last financial year (Q4 FY24), according to its stock exchange filing.

For the full financial year (FY25), ACME Solar’s net profit declined by around 64 per cent to Rs 250.8 crore, compared to Rs 697.7 crore in FY24.

The sharp fall in profits came despite a strong rise in revenue. The company’s revenue from operations in Q4 stood at Rs 486.88 crore, up from Rs 295.16 crore a year ago — marking a YoY growth of nearly 65 per cent.

Total income also increased significantly to Rs 539.2 crore in Q4 FY25, from Rs 318 crore in the corresponding quarter last fiscal — showing a 69.56 per cent rise.

However, finance costs grew to Rs 205.5 crore from Rs 177.3 crore in the same period last fiscal — an increase of around 15.90 per cent.

Depreciation and amortisation expenses also rose sharply to Rs 102.2 crore, up 66.99 per cent from Rs 61.2 crore in Q4 FY24.

Despite the decline in profits, the company highlighted strong operational progress.

Chairperson and Managing Director Manoj Kumar Upadhyay said FY25 was a ‘remarkable year’ for ACME Solar, as it expanded its operational portfolio and commissioned its largest single-location project — a 1,200 MW SECI ISTS solar project.

He added that the company is now witnessing stronger earnings performance, with Q4 revenue rising 70 per cent YoY to Rs 539 crore and EBITDA jumping 118 per cent to Rs 488 crore.

He also stated that ACME’s focus on hybrid and firm-dispatchable renewable energy (FDRE) solutions is making the business more resilient.

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Jupiter Wagons’ net profit falls nearly 2 pc in Q4, revenue slips

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2 days ago

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May 19, 2025

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Mumbai, May 19: Railway wagons and components manufacturer Jupiter Wagons on Monday reported a decline of 1.9 per cent in its net profit at Rs 103 crore in Q4 FY25, down from Rs 105 crore in the same period last fiscal.

The profit before tax (PBT) also declined by 8.26 per cent year-on-year (YoY) to Rs 127.47 crore from Rs 138.95 crore, according to its stock exchange filing.

The company’s consolidated total income also saw a decline, falling to Rs 1,057 crore from Rs 1,127 crore a year earlier — a drop of around 6.2 per cent.

Similarly, revenue from operations decreased by approximately 6.4 per cent, from Rs 1,115.41 crore in the year-ago period to Rs 1,044.54 crore in the last quarter of FY25.

Despite the revenue dip, Jupiter Wagons managed to reduce its total expenses to Rs 923.34 crore in Q4, down 6.4 per cent compared to Rs 986.41 crore in the same quarter last financial year.

However, on a sequential basis, expenses rose by about 1.56 per cent compared to Rs 909.16 crore in Q3.

The company’s EBITDA (earnings before interest, taxes, depreciation, and amortisation) rose slightly to Rs 153 crore from Rs 147 crore last fiscal, with the EBITDA margin improving to 14.6 per cent from 13.2 per cent.

Shares of Jupiter Wagons Limited fell by Rs 13.1 or 3.1 per cent to close the intra-day trading session at Rs 408.95 on the National Stock Exchange (NSE) on Monday.

Speaking about the full financial year, Managing Director Vivek Lohia described FY25 as a transformative year for Jupiter Wagons.

He highlighted several strategic wins, including major contracts with Braithwaite for wheelsets.

“The company also secured brake system contracts worth over Rs 215 crore,” Lohia mentioned.

Lohia emphasised the company’s push into electric mobility with the inauguration of a new facility in Pithampur.

“This state-of-the-art plant is expected to drive battery production and supply to Indian Railways and private partners, along with orders for complete Battery Energy Storage Systems (BESS),” he said.

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Govt unlikely to renew IndiGo pact with Turkish Airlines

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2 days ago

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May 19, 2025

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New Delhi, May 19: The government is unlikely to extend the commercial airline IndiGo’s leasing agreement with Turkish Airlines due to strained diplomatic relations following Turkey’s open support for Pakistan after the Pahalgam terror attack and Operation Sindoor launched by India to avenge the killings of 26 tourists.

“The current pact, which enables IndiGo to operate wide-body aircraft on the Delhi-Istanbul route, expires on May 31. The government review is underway and the deal is unlikely to be renewed given the broader diplomatic context,” according to an Media report, citing people in the know.

IndiGo currently operates over 500-seater Airbus A330s on lease from Turkish Airlines for its Istanbul flights. The partnership also includes a codeshare deal that allows IndiGo to sell connections to over 40 destinations in Europe and North America via Istanbul.

On Thursday, IndiGo defended the collaboration, calling it “strategic” and essential for offering Indian flyers long-haul international access.

Apart from the vocal support during the heinous Pahalgam massacre, Turkey has also supplied drones to Pakistan, which were used to attack India during Operation Sindoor.

The issue of renewal of the IndiGo agreement with Turkish Airlines comes up at a time when India is already snapping ties with Turkish businesses and universities.

The government on Thursday revoked the security clearance for Turkish ground-handling firm Celebi Airport Services at Indian airports, due to national security concerns.

The Turkish company handled around 70 per cent of the ground operations at Mumbai airport, including passenger services, load control, flight operations, cargo and postal services, warehouses and bridge operations.

Adani Airport Holdings has also scrapped its agreement with Turkish company DragonPass to provide the latter’s customers access to its airport lounges.

“Our association with DragonPass, which provided access to airport lounges, has been terminated with immediate effect. DragonPass customers will no longer have access to lounges at Adani-managed airports. This change will have no impact on the airport lounge and travel experience for other customers,” the Adani Airport Holdings spokesperson said on Thursday.

Hundreds of Indian tourists have cancelled their trips to Turkey and Azerbaijan as part of the nationalistic backlash against these countries for supporting Pakistan in the conflict with India. Leading online travel booking platforms MakeMyTrip and EaseMyTrip have reported mass cancellations and a sharp drop in Indian tourists wanting to travel to Turkey and Azerbaijan.

Similarly, many Indian universities, including Jawaharlal Nehru University, Jamia Millia Islamia, and Maulana Azad National Urdu University, have suspended academic ties with Turkish institutions.

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