
Parliamentary panel suggestions on Income Tax Bill 2025 tabled in Lok Sabha
Parliamentary Select Committee
appointed to review the new
Income Tax Bill 2025
has proposed to change the definition of "beneficial owner" to allow carry forward losses as individuals who derive benefits directly or indirectly from shares during the
tax
year.
The 31-member Select Committee, chaired by BJP leader
Baijayant Panda
, has made 285 suggestions to the draft
Income tax
bill 2025 in a 4,575 page report tabled in Lok Sabha Monday.
Explore courses from Top Institutes in
Select a Course Category
Healthcare
Public Policy
Data Science
Degree
Artificial Intelligence
healthcare
Others
Operations Management
Management
Finance
Data Analytics
Project Management
Leadership
Design Thinking
others
Product Management
Cybersecurity
MBA
Technology
CXO
Digital Marketing
MCA
PGDM
Data Science
Skills you'll gain:
Financial Analysis in Healthcare
Financial Management & Investing
Strategic Management in Healthcare
Process Design & Analysis
Duration:
12 Weeks
Indian School of Business
Certificate Program in Healthcare Management
Starts on
Jun 13, 2024
Get Details
While most of the recommendation are aimed for greater clarity, there were 32 major recommendations including reinstating the deduction in respect of inter-corporate dividends absent in the original draft, a standard 30% deduction to be calculated post-deduction of municipal taxes and extending pre-construction interest deductions to even let-out properties.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
20 Pieces of Clothing Older Women should Avoid
womentales.com
Learn More
To ease the pain points for common taxpayers the report also recommends allowing for 'Nil' tax deduction certificates, and more discretion for officers to waive penalties when non-compliance is not deliberate and allow refunds in case of late filings of tax returns for small taxpayers. The committee has also called for more clarity on the definition of non-performing assets, intending to resolve the long-standing dispute over the definition of NPA under banking and tax laws.
The panel wants the term 'parent company' clearly defined, and asked the department to fix gaps in clauses covering capital gains and sought proper provisions for non-profit organisations, highlighting that religious-cum-charitable trusts should not lose exemptions for anonymous donations. The committee calls for eliminating any residual references to the 1961 Act to make the new code self-contained and litigation-resistant.
Live Events
"Collectively, these recommendations underscore the committee's focus on promoting taxpayer protection, enhancing fairness, and reducing compliance burdens," said Amit Maheshwari, Tax Partner, AKM Global, a tax and consulting firm.
If enacted, these provisions are expected to strengthen transparency, minimize disputes, and further the government's ambition of creating a contemporary, efficient, and user-friendly tax regime."
Experts said the report will add more clarity to the new bill left out in the original draft.
"Importantly, the report addresses concerns of charitable and not-for-profit entities by advocating clearer definitions, replacing "receipts" with "income" for tax purposes, and restoring the concept of "deemed application", urges inclusion of professionals under electronic payment norms, prescribes qualifications for valuers, and recommends contextual fairness in GAAR provisions," Sandeep Jhunjhunwala, M&A Tax Partner at Nangia Andersen LLP, said.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Time of India
32 minutes ago
- Time of India
IBPS PO, SO application correction window 2025 opens at ibps.in: Here's how to make changes online
The Institute of Banking Personnel Selection (IBPS) has activated the form correction window for the 2025 recruitment cycle of Probationary Officers/Management Trainees (CRP PO/MT XV) and Specialist Officers (CRP SPL XV). Registered candidates can access and modify their application forms on the official website — . A non-refundable correction fee of ₹200 is applicable for making changes. This amount does not apply to updates related to DigiLocker data. The correction fee, once paid, will not be refunded or adjusted for any other exam or purpose.A non-refundable correction fee of ₹200 is applicable for making changes. This amount does not apply to updates related to DigiLocker data. The correction fee, once paid, will not be refunded or adjusted for any other exam or purpose. IBPS PO, SO 2025: How to make changes Follow these steps to edit your IBPS PO or SO application form correctly: Visit the official IBPS website: Click on the link for "CRP PO/MT-XV" or "CRP SPL-XV". Log in using your Registration Number and Password/Date of Birth. Make the necessary changes (except for Name, Email ID, or Mobile Number). Pay the ₹200 correction fee (if applicable). Download and save the final updated application for future reference. Direct link to make corrections for the IBPS PO, SO 2025 exam application is available here . IBPS PO, SO 2025: Edit window timeline Candidates are allowed to make corrections only once during the two-day edit window. The last date for submitting changes is August 1, 2025. As per the official notification, 'A candidate will be allowed to correct and re-submit the modified/corrected application only once during the 'Edit Window to Modify/Correct Application Form'. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like TV providers are furious: this gadget gives you access to all channels Techno Mag Learn More Undo No further edits will be allowed once the updated application is submitted.' Editable fields IBPS has specified that candidates may edit their category selections only within predefined combinations. For example: Those who initially selected General (GEN), Economically Weaker Section (EWS), or Other Backward Classes – Non-Creamy Layer (OBC–NCL) may switch among General, EWS, OBC–NCL, Scheduled Caste (SC), Scheduled Tribe (ST), or Persons with Benchmark Disabilities (PwBD). Candidates who originally chose SC, ST, or PwBD can only make changes within the same respective category group. Note: In the correction process, candidates will not be able to change details related to name, email ID, mobile number. IBPS PO, SO 2025: Exam dates Note the official exam dates for IBPS PO and SO below. Exam Date IBPS PO Preliminary Exam August 17, 23, and 24, 2025 IBPS PO Mains Exam October 12, 2025 IBPS SO Preliminary Exam August 30, 2025 IBPS SO Mains Exam November 9, 2025 Candidates are advised to review their application carefully before submitting edits, as only a single correction attempt will be permitted. For updates and detailed instructions, visit the official IBPS website. TOI Education is on WhatsApp now. Follow us here . Ready to navigate global policies? Secure your overseas future. Get expert guidance now!


Time of India
34 minutes ago
- Time of India
PNB shares fall 4% after Q1 profit drops 48% YoY to Rs 1,675 crore
Shares of Punjab National Bank (PNB) fell 4% to Rs 103.9 on Thursday after the state-run lender reported a 48% year-on-year (YoY) decline in standalone net profit for the June 2025 quarter. The bank posted a net profit of Rs 1,675 crore, down from Rs 3,251.5 crore in the same quarter last year. Total income for the quarter rose 15.7% YoY to Rs 37,232 crore, compared to Rs 32,166 crore a year ago. However, net interest income (NII) remained largely flat, rising just 1% to Rs 10,578 crore. Explore courses from Top Institutes in Please select course: Select a Course Category Cybersecurity MCA Digital Marketing Technology Leadership Data Science others CXO MBA healthcare Product Management Artificial Intelligence Design Thinking Public Policy Management PGDM Project Management Others Finance Data Science Healthcare Skills you'll gain: Duration: 10 Months MIT xPRO CERT-MIT xPRO PGC in Cybersecurity Starts on undefined Get Details by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Daughter thought she had saved 'cute bunnies.' The vet pales when he realizes what they really are Interesticle Undo The sharp drop in profitability was mainly due to a one-time tax expense of Rs 5,083.3 crore, significantly higher than Rs 2,017 crore in the year-ago period. On a consolidated basis, net profit fell 52% YoY to Rs 1,832 crore. Asset Quality Sees Improvement PNB reported modest improvement in asset quality. Gross non-performing assets (GNPA) stood at 3.78% at the end of June, compared to 3.95% in March and 5.73% in June 2024. Gross NPAs in absolute terms fell to Rs 42,673 crore, down by over Rs 8,500 crore from the previous year. Live Events Net NPAs declined to Rs 4,132 crore, with the ratio improving to 0.38% from 0.60% a year earlier and 0.40% in March. Growth in Deposits and Advances The bank saw growth in both savings and current deposits. Savings deposits rose 2.8% YoY to Rs 4,97,981 crore, while current deposits increased 9.2% to Rs 70,656 crore. Should you buy, sell, or hold PNB's stock? Here's what brokerages say: Antique Antique Stock Broking has retained a 'Hold' rating on PNB with a target price of Rs 123, slightly above the current market price of Rs 110. The brokerage said operational performance was in line with expectations, though profitability was hit by the tax adjustment. While loan growth slowed overall, the MSME portfolio saw healthy expansion. Slippages declined sequentially, and credit costs remained under control. Antique expects RoA to range between 0.8% and 1.0% and RoE between 12% and 14.5% for FY26–28E. Key upside risks include stronger-than-expected credit growth, while downside risks stem from potential slippages in the MSME and retail segments. Motilal Oswal has maintained a 'Buy' rating on PNB with a higher target price of Rs 125. The brokerage noted that NII came in below estimates due to weaker Net Interest Margins and higher slippages. However, business growth guidance remains steady, and the credit-to-deposit ratio is healthy at around 69%. Motilal Oswal has kept its EPS estimates unchanged and expects RoA and RoE to improve to 1.05% and 15.5%, respectively, by FY27. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)


Time of India
41 minutes ago
- Time of India
Is Mira Murati Indian? Here's what we know about her net worth, career and family roots
As Mira Murati rises to global prominence as the former CTO of OpenAI—the company behind ChatGPT—curiosity about her background is reaching new heights. Mira Murati reportedly turned down a job offer from Meta (formerly Facebook), a move that reflects her strong alignment with OpenAI 's mission-driven culture over big-tech flash. While Meta is known for aggressively recruiting top AI talent with massive compensation packages, Murati chose to stay focused on developing responsible AI at OpenAI. Her decision underscores her commitment to building technology that serves humanity, not just profit. In an industry where talent often follows the highest bidder, Murati's choice stands out as a principled move—further solidifying her reputation as a thoughtful and values-driven leader in the world of artificial intelligence. People want to know more than just her professional résumé. They're asking: Is Mira Murati Indian? Where is she from? How did she get here? And what's her net worth? Let's break it down. First things first: Is Mira Murati Indian? No—Mira Murati is not Indian. She was born and raised in Albania, a small but culturally rich country in southeastern Europe. Though her name might sound South Asian to some ears, her heritage is fully Albanian. After spending her early years there, Murati later moved to Canada, and eventually the United States, where she pursued higher education and launched a powerhouse tech career. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Up to 70% off | Shop Sale Libas Undo So while she isn't of Indian descent, she does represent the growing diversity in global tech leadership—proof that innovation isn't limited to Silicon Valley or one cultural background. Her career: From aerospace to AI Murati's career path is anything but typical—and that's part of what makes her so fascinating. She earned her engineering degree from Dartmouth College and kicked things off in aerospace, working at Zodiac Aerospace. From there, she joined Tesla, where she contributed to the development of the Model X—yes, the SUV with the Falcon Wing doors. But her interest soon shifted toward artificial intelligence and human-computer interaction, leading her to Leap Motion, a company focused on augmented reality. That eventually brought her to OpenAI in 2018, where she quickly rose through the ranks to become Chief Technology Officer and, as of late 2023, CEO. She's not just a tech brain—Murati is also known for being a thoughtful voice on the ethical challenges of AI, speaking out about the need for transparency, regulation, and public input in the development of powerful AI tools. What's Mira Murati's net worth? As of now, Mira Murati's exact net worth hasn't been publicly disclosed, which isn't surprising given her private nature. However, based on her leadership roles at Tesla and OpenAI, it's safe to say she's doing very well financially. Some reports estimate her net worth to be in the multi-million-dollar range, possibly between $5 million to $10 million USD, considering her equity stake and executive compensation at OpenAI. That number could rise significantly depending on OpenAI's future valuation and public offerings, if any. A private person with global impact Despite her high-profile role, Murati keeps a low profile when it comes to her personal life. There's little public information about her family or relationships, which seems intentional. She prefers to let her work speak for itself—a rarity in an era when personal branding often overshadows substance. So no, Mira Murati isn't Indian—but her story is undeniably global. From Albania to the top of the AI world, she's proof that talent, vision, and hard work can break through borders and stereotypes. Whether you're into tech, leadership, or just love a great success story, keep an eye on Murati. She's just getting started.