Income Tax Budget 2025 LIVE: Zero income tax up to ₹12 lakh in new tax regime; TDS and TCS tweaks in FM’s budget

Income Tax Budget 2025 LIVE: Zero income tax up to ₹12 lakh in new tax regime; TDS and TCS tweaks in FM’s budget

Income Tax Budget ⁤2025:⁢ ‍A Relief for​ the Middle Class

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The‌ Union Budget 2025,presented by ⁤Finance Minister Nirmala Sitharaman,has made notable changes to income tax slabs with a primary focus on providing⁢ relief to the middle class. This move comes with the aim of boosting consumption, savings, and ⁣investment.

Under the new tax ​regime,‌ individuals earning up‍ to ₹12 ⁤lakh annually will not be required ‌to⁤ pay any income tax. The⁣ revised tax slabs include:

  • 0-4 lakh‌ rupees: Nil
  • 4-8 lakh rupees: 5%
  • 8-12 lakh‍ rupees: 10%
  • 12-16 lakh rupees: 15%
  • 16-20 ​lakh rupees: 20%
  • 20-24 lakh rupees: 25%
  • Above 24 ‍lakh rupees: 30%

“This is ⁢the first‍ time ⁢a budget has given​ such ‌a huge ⁤tax relief of ₹1 lakh crore to the middle class. It will enable a boost‌ in consumption, production,⁢ investment, and economic growth,” stated Amitabh Kant,⁤ praising the move.

Though, ​Congress ⁢MP Shashi Tharoor took a⁤ different stance, highlighting the need for job⁣ creation alongside tax benefits.He questioned, “Where is the income​ going to come from? For you to benefit from income tax relief, ⁣you actually need jobs,” suggesting that‍ tax cuts alone wouldn’t be‍ enough to solve economic challenges.

The budget’s emphasis on tax relief ⁢for the middle ⁢class aims to stimulate economic activity​ and benefit households. While the impact of​ these changes remains‌ to ⁤be seen, they ​undoubtedly⁣ mark a significant shift in the government’s fiscal policy.

Income ⁤Tax ​Budget 2025: A boon for Middle-Class Investments and Growth

Finance Minister Nirmala Sitharaman delivered the Union Budget 2025 on February 1st, unveiling a ⁢series of measures aimed at boosting ​the economy and providing relief to ‍the middle class. One of the most talked-about announcements‍ was the increase in the income tax exemption limit, a move anticipated to put ⁢more money in the hands of taxpayers.

Industry bodies like the PHDCCI hailed the announcement,describing it ‍as⁤ a “sixer on a full toss ball” that will drive growth‍ across sectors. Hemant Jain,​ President of⁢ PHDCCI, emphasized that ‌these targeted measures will not only `improve infrastructure and enhance governance but also ensure enduring advancement across various sectors.

the potential impact of increased disposable income on investment patterns is​ a ⁤hot topic of discussion. Feroze Azeez, Deputy⁣ CEO of Anand Rathi Wealth Limited, believes this will create a dual effect. Younger taxpayers,particularly those aged 25-40,may boost consumer‍ spending,benefiting sectors like FMCG. simultaneously, individuals focused on financial⁤ stability coudl channel⁤ their additional income into investments, potentially ⁢seeing a surge ‍in‍ mutual fund SIPs.‌

Experts‌ also believe these tax concessions could provide much-needed stability to the stock market. Puneet⁣ singhania, Director at ​Master⁣ Trust Group, stated, “The government’s move to giving relief⁢ to‌ the middle class by raising the tax exemption limit will likely leave more spare money in ⁤the hands​ of investors, some of which may move to stock markets.This will likely provide stability to the market that has been reeling under the relentless selling by foreign‌ institutional investors (FIIs)”.

While welcoming the move, ⁤former Finance minister Yashwant Sinha cautioned that the benefits might be⁣ limited. He⁤ argued that ‌ “The concession on income tax ‌will ⁢have ​limited benefits, ⁣I don’t think that markets would benefit a lot with ​this.Only 6‌ crore⁤ people are going‌ to benefit from concession in income tax. It is meagre in the long term,” as quoted by ANI.

The ‍government’s move to⁣ simplify mutual fund investment​ through changes in CKYC norms is also expected to attract more individuals to the‍ market. This integration‌ will create a smoother ‌and more accessible ⁤experience, potentially leading to increased participation in the stock market.

Budget 2025: A Game-Changer ⁢for the Indian Middle⁢ Class

Published: February 1, 2025

‍ ‍ Finance Minister Nirmala Sitharaman delivered a landmark‍ Budget ⁣2025, particularly for‌ the middle class. The government announced a significant ​tax exemption limit increase, making incomes up⁢ to ​₹12 lakh per ⁤annum⁣ wholly⁤ tax-free. This move is seen as a major relief, directly ‌impacting the largest segment of ‍the Indian⁣ middle class.⁤

⁢ “The Budget has hit the perfect note, providing great relief to the​ middle-class by making incomes up to ₹12 lakh per annum completely‌ tax-free. This is the biggest‍ section ‌of the middle-class. ‌It has also significantly reduced the tax burden for incomes ‍up to ₹24 lakh,” shared Anil Agarwal, Chairman of⁢ Vedanta, ⁣on X. ⁣

‍ ​ The new tax regime also focuses on simplicity and transparency, with clear and direct language, making tax compliance easier‌ for individuals.

‍⁣ Government plans to introduce a ⁤new income tax​ bill that will reduce the current voluminous legislation by half, further simplifying the tax system.

‍ Beyond the direct⁢ tax benefits, the budget aims‍ to ‍boost economic growth ⁢through key reforms in‍ sectors such ⁤as mining, agriculture, and manufacturing, particularly electronics.This will not only help increase domestic ⁤production, reduce reliance on imports but also create millions⁤ of new jobs in the country.
⁢ ‍

⁣ ‌The government also ‌announced an increase in the threshold⁤ for Tax Deduction‍ at Source (TDS) ‌on rent from ₹2.40 lakh per⁤ annum ⁢to ₹6‌ lakh per annum, ‌offering ⁢significant​ relief ⁤to ⁣individuals and property owners.




Budget 2025: A Boon for Senior Citizens⁤ and the Middle Class?



Budget 2025: A Boon for Senior Citizens and the Middle Class?

Finance Minister Nirmala Sitharaman‌ unveiled India’s Union Budget 2025-26, garnering praise for its focus on bolstering the financial well-being⁣ of senior citizens‌ and middle-income taxpayers.Central to ⁢the‍ announcement was a significant increase in the tax deduction limit on interest income from 50,000 to 1 lakh for senior citizens. “The increase​ in threshold amounts for ⁢tax ‌deduction brings much-needed relief to‍ senior citizens. A major portion of the⁤ income of senior ​citizens comes from interest income. they also tend to hold a larger amount ‌in their ‍SB accounts. ‌The tax deduction limit on interest income is being‌ doubled from​ 50,000 to 1 lakh,eases their tax burden on these savings,” ​explained Adhil Shetty,CEO of bankbazaar.com.

⁤ ⁣The Budget⁣ also increased the annual TDS limit on rent from 2.40‍ lakh to 6 lakh, ⁤providing⁤ ample relief⁣ for those who rely on​ rental income.

Parallel to the⁤ benefits for‌ retirees, the new tax regime received a revamp, aiming to provide further financial breathing room to the middle class. The tax-free income threshold‌ has been raised to 1.2 million, and the tax⁢ slabs have been revised to⁤ benefit ⁢individuals⁢ with‍ modest incomes. While this‍ simplified‌ regime offers⁣ a potentially lower tax burden, it does ⁢come with the caveat ⁤of excluding most ​deductions and exemptions.

“The ‍choice between ⁢the old‍ and new tax regimes is not one-size-fits-all. It ⁢depends ‍on your⁤ income structure,investments,and financial goals. Evaluate both ⁢before making a decision,” advises abhishek Soni, CEO and Co-founder of‍ Tax2win, urging individuals⁢ to carefully assess their ‍financial situation in light of⁢ the new tax regime provisions. “Given the recent⁤ changes, it’s advisable to reassess your financial situation to determine which‌ tax regime ‍aligns best with your objectives.”

⁣ Defense ‌Minister Rajnath Singh expressed his strong endorsement of ⁢the Budget, commending Finance⁣ Minister Sitharaman for presenting a “splendid” Budget that aligns with‍ Prime ‌Minister ⁤Narendra Modi’s⁤ vision for India’s development.

Ajay Singh, Chairman and Managing Director of‌ SpiceJet, lauded‍ the Budget as “forward-looking” and “middle ‍class-amiable”. he highlighted the “modified UDAN scheme” ⁢which promises to ⁢introduce 120 new destinations ⁢and bring 4 crore additional passengers into the ⁤fold over ⁢the next decade.”UDAN has proven ‍to be one‍ of the most prosperous schemes under the ⁤Modi government,” Singh observed, emphasizing⁢ SpiceJet’s ‍commitment to⁤ supporting its continued⁢ growth. 2025 LIVE: ⁣Zero income tax ⁤up to ₹12 lakh is ‘historic relief’ for middle-class, says TDP

Zero income tax up to an income of 12 lakh per annum as announced ‍in the union budget⁤ on⁢ Saturday is a⁣ ‘historic relief’ for⁤ the middle class, TDP said. “Historic relief for the middle class. ‌Zero ​income ​tax up to 12 lakh​ – more⁣ savings, more spending power,” Telugu Desam Party spokesperson Jyothsna‍ Tirunagari ⁤said in ‌a post on ‘X’.

01 Feb 2025, 02:03:27 PM ⁢IST

Income Tax Budget ⁢2025 LIVE: Banking Sector reaction on Union Budget

“The⁢ Union Budget reflects a ‌strong commitment to ‌empowering MSMEs, ‌agriculture, and rural credit, ⁢which⁣ are the backbone of India’s⁤ vision for attaining Viksit Bharat. ⁣The ‌enhanced focus on credit access for small businesses and‌ farmers will⁣ catalyze growth and financial⁢ inclusion. Additionally, the increase in tax exemption ⁣to‌ 12 lakh is a⁤ significant step in boosting disposable income and strengthening consumption. Indian Bank remains committed to supporting these⁣ initiatives, driving sustainable⁣ economic progress, and⁢ financial inclusion,” said Indian bank’s MD & CEO, ⁤Shri Binod Kumar

01 Feb ⁣2025, 01:57:57 PM IST

Income Tax Budget 2025 LIVE: Expert​ take on ​Budget 2025

“the reduction of ⁤Jewelry ⁤duty from 25% to 20% is a welcome move.⁤ For⁤ a country like India who is known for its high jewellery ⁣consumption, this ‌will definitely boost the demand in the domestic market ‌specially in‍ luxury. Similarly, slashing of duty ⁤on platinum finding⁢ from 25% to 5%⁣ is yet another bold move which will prove beneficial for the ⁤entire gems ⁢and jewellery industry,” said ⁣Colin Shah, MD, ⁣Kama jewelry

01 Feb 2025, 01:41:46 PM IST

Income Tax Budget 2025​ LIVE: No‍ income tax up to 12 lakh

“This opens up opportunities ​to ‌explore a variety of wealth-building‌ avenues, from ⁤traditional ⁢investments​ like mutual funds and stocks to digital assets like crypto. It encourages financial planning, empowering individuals to diversify their portfolios,⁤ and supports long-term wealth creation,” says⁤ Edul Patel, CEO and Co-founder of Mudrex.

01 Feb 2025, 01:33:52 PM IST

Income Tax​ Budget 2025 LIVE: 100% FDI in Insurance

The decision ⁢to⁤ raise FDI in ​insurance ‌to ⁤100% will ⁢drive greater⁢ capital infusion‍ into the sector. This move will​ not only deepen investments but also foster ⁢innovation,⁢ enhance competition,​ and⁢ accelerate insurance penetration. ‌“We welcome this progressive reform, which aligns with our commitment ⁣to delivering⁣ greater financial​ security to Indians.With strengthened investment,the industry ⁤can further drive digital conversion,develop customer-centric ⁤solutions,and‍ expand​ its⁤ reach to ⁣those who need it most,” said Prashant Tripathy,MD​ & CEO,axis Max Life Insurance.

01 Feb 2025, 01:27:40 ‍PM IST

Income Tax Budget 2025‌ LIVE: union Budget 2025 has introduced‍ several tax reforms

Anirudh garg,⁣ Partner and Fund Manager at Invasset PMS: The Union Budget ⁣2025 has introduced several tax ‍reforms and sector-specific initiatives‍ that are likely to shape market sentiment and⁤ economic growth. The decision to forgo 1 lakh ‌crore ‍in direct taxes and offer full tax exemption up to Budget 2025: Big⁢ Wins for the ⁢Middle Class

Finance Minister Nirmala Sitharaman’s Union​ budget 2025 presented a​ significant boost to India’s middle‍ class, with a major focus on tax relief and increased disposable income.

The highlight ‌of the budget was an increase in the income tax exemption limit. Under the new tax​ regime, ‍individuals earning ‍up ‍to ₹12 lakh will now pay no income ⁣tax. “This limit will be ₹12.75 lakh for salaried tax payers,due to standard deduction of ₹75,000,” sitharaman announced,emphasizing the​ government’s commitment ⁤to alleviating the tax burden on middle-class earners. ⁢

Sitharaman highlighted ‍the ​government’s consistent efforts to support the middle class, recalling how‍ the ‘Nil‌ tax’ slab was raised⁤ to ‌₹2.5 lakh in 2014, ₹5 lakh in 2019, and ₹7 lakh in 2023. “This is reflective of our Government’s trust on the ⁢middle-class taxpayers,” she stated.

“this budget is highly beneficial for the middle class and senior‍ citizens, with key‌ measures aimed at increasing savings and boosting consumption,” commented Meghna Mishra, Senior​ Partner‍ at Karanjawala & Co.

“the‍ increase in the ⁣TCS threshold ⁤limit from ₹7 lakh‍ to ₹10 lakh and the​ doubling ‍of the‌ TDS threshold for senior citizens provide significant relief.Additionally, with no income tax payable up to⁢ ₹12 lakh, ⁢disposable income will rise, leading to higher spending and economic growth. These‌ steps not only support the common ⁣man and industry ‌but ‌also align ‌with the vision of a ⁤Viksit ​Bharat by ‌2047, making it a well-balanced ⁣and progressive budget,” she emphasized.

Experts anticipate a significant ripple effect across various sectors.

Amit Maheshwari,⁣ Partner-Tax at⁢ AKM ‌global, a tax ‍and ⁣consulting firm, believes the new tax regime will streamline ‌processes for businesses.

“The Finance minister has announced a scheme for transfer pricing to‌ determine arm’s length prices for a block of​ 3 assessment years if international ⁣transactions or specified domestic transactions are ‍the same⁤ in 2 ‍consecutive years. This⁣ will reduce administrative burden on‍ taxpayers as well as the ​tax ⁣department as there will be no requirement‌ of determining arm’s ​length price every year. This scheme may be an excellent option for⁢ big corporations with a history of litigation every‌ year. Though, adoptability of the⁤ scheme might potentially be challenging for small and medium ‍size corporations as ⁢they ⁤may be sceptical for approaching tax authorities ​fearing an adverse ​stand,” Maheshwari stated.

Union Budget 2025: Simplifying Taxes ⁤and Empowering ⁢Individuals

The ‌Union Budget⁣ 2025, presented on February 1st, ⁢2025, ⁣marked a significant shift in‌ India’s ‌tax landscape, aiming‌ to simplify ⁣the system and boost the purchasing ‌power of individuals, especially⁤ within the⁤ middle class.⁤ Finance Minister Nirmala Sitharaman unveiled a series of ​key changes that are expected to have a profound impact ⁢on taxpayers across the country.

One of the most noteworthy announcements was the increase ‍in the⁣ income tax exemption threshold ​to​ 12​ lakh. ⁤Sandeep Chilana,​ Managing Partner at CCLaw, hailed this move as​ “a deeply positive step,” particularly for middle-class‌ families who⁣ are ‍increasingly grappling with rising living costs and inflation.⁣ “By increasing disposable income,the government is not only simplifying the tax system but also fostering consumer confidence,” Chilana explained. “This change will impact a broad spectrum of individuals, particularly in urban areas, giving them more room to invest and spend.”

The Budget ⁤also introduced a complete restructuring of tax slabs,​ designed to create a more ‌equitable tax environment. This restructuring, coupled with tax rebate provisions, is projected to ⁣provide significant tax savings for individuals at various income‍ levels.‍ For example, a ​taxpayer​ with ⁣an income of 12 lakh will ​benefit from a‍ tax rebate of 80,000, representing a ​100% reduction in​ their tax ⁣liability. Individuals earning 18 lakh will⁤ enjoy a tax⁤ benefit​ of 70,000 (30% reduction), while those ​earning 25 ⁣lakh will see a tax savings ‌of 1,10,000 (25% reduction).

in a move ⁤aimed at simplifying ​homeownership, Finance​ Minister Sitharaman relaxed the conditions‍ for ⁢tax⁢ relief on self-occupied properties. ⁤Adhil⁤ Shetty, CEO of ‍Bankbazaar.com, pointed ⁣out that taxpayers can now claim tax ⁢benefits for two self-occupied houses, a significant departure from the‍ previous limit⁢ of one property.

“This reform significantly eases the tax burden for individuals who own and live ‌in multiple ⁣properties, offering financial ‍adaptability ​and promoting homeownership,” Shetty⁤ stated. ​”By⁢ acknowledging the diverse housing ‍needs of families, this decision not only provides greater tax relief‍ but‌ also ⁤encourages real estate investment.”

the Union Budget 2025 prioritizes ‌individual empowerment by simplifying the tax system and enhancing financial well-being. The government’s focus​ on boosting consumer ⁢confidence and ⁤promoting investment is ⁤a clear ⁣signal of its‌ commitment to driving economic ⁤growth​ and creating a more inclusive​ and⁣ prosperous future for all.

India’s‍ Budget 2025: Boosting Middle-Class Spending & Simplifying taxes

The Indian government​ kicked off 2025 with a bold budget, placing the country’s middle class squarely at the center. Finance Minister delivered a​ “very welcoming budget,” according to​ Sandeep Bangla,‌ CEO⁤ of TRUST Mutual Funds, praising its balance between stimulating economic growth and maintaining fiscal obligation.

Key ‍highlights of the budget include significant income tax ⁣reforms, aimed⁣ at increasing disposable income‌ for millions of individuals.
These reforms have⁢ been ​hailed as‍ among the most substantial‌ in ‌a​ decade, with experts like Adhil Shetty,⁣ CEO of BankBazaar.com, emphasizing their potential⁤ to inject more money into people’s pockets⁢ while remaining fiscally⁤ sound.

With inflation adjustments finally ⁢factored into income ​tax slabs,the 30% tax bracket now kicks⁣ in at ₹24 lakh,a 60% increase from ⁤the previous threshold. “This rationalisation of income tax has been long-awaited,” ⁤Shetty noted, adding that it will “reaffirm the ⁣confidence of ​the people in ‍the economy.” ‍

The practical impact of‌ these⁢ changes is ‍significant.⁣ A taxpayer earning ₹25 lakh annually will ‌now pay ₹3.43 lakh in taxes, a ₹1.14 lakh‍ reduction compared to the previous regime. ⁤This translates⁤ to‌ an extra 5% in‌ their hands⁢ each month,⁣ amounting to a substantial ‌saving of around ₹9,500.

“More cash in hand will also mean increased spending, which will drive higher⁤ consumption and, in ​turn, ⁣will fuel economic ⁢growth,” Shetty explained. He also ⁢highlighted the⁢ government’s focus on simplifying⁢ compliance for⁢ salaried taxpayers, further bolstering ‍the confidence of ‍the middle class.

Beyond income tax, the budget ‍also addressed concerns⁤ of importers by reducing import duty slabs‌ and⁣ simplifying the computation ‌process. Harpreet Singh, Partner, ​Indirect Tax, ‌Deloitte, lauded the ⁢move, stating that “The ⁢twin announcements of removal of seven tariffs resulting into reduced eight slabs ⁣of ‌duty and ⁤levy of​ only one cess or surcharge thereby exempting 82 tariff line items from social welfare ⁤surcharge, would ⁤both lead to simplification of‍ import duty computation,‍ thereby easing‍ compliances.”⁣ the budget also addressed the industry’s long-standing demand for a time limit on ​provisional⁢ assessments,‌ providing much-needed tax certainty.

While the budget received widespread praise for its focus on middle-class welfare‌ and economic growth,some experts expressed reservations about the government’s capital expenditure plans. Bangla noted that the relatively modest increase in capital expenditure, from ₹11 lakh crore to ₹11.21 lakh ‌crore, could ⁢potentially hinder ‌the pace of economic⁤ growth.

big Relief for the ‍Middle Class: Income Tax​ Slabs Rejigged in budget 2025

In a move aimed at boosting household ⁣finances and stimulating the economy, Finance Minister Nirmala Sitharaman announced significant changes to the ​income‍ tax⁤ regime during the budget 2025 presentation. Individuals earning‍ up to ₹12 lakh ⁤annually will now enjoy ⁤tax exemption, marking a major ⁤win for middle-income ‍earners.

“I am now happy to announce that there ‌will be no income tax ‍payable ‍up to⁤ income of⁢ ₹12‌ lakh (i.e. average ‌income of ₹1 lakh per month other than ⁣special rate ⁢income such as capital gains) under the new regime,” Sitharaman declared.

For salaried employees, the tax-free threshold rises further to⁤ ₹12.75 lakh per annum, taking‍ into account the standard deduction of ₹75,000. ‌This ⁣adjustment translates⁢ into substantial tax savings for millions.

“The new structure will substantially reduce the taxes ​of the middle class and leave more​ money⁣ in ⁣their hands,‍ boosting household consumption, ⁣savings and investment,” Sitharaman emphasized, outlining the government’s vision of empowering‍ individuals through financial relief.

Experts ⁣lauded the changes, highlighting the positive impact on individual finances.

According to Gunjan Goel,Director,Goel⁣ Ganga Developments,”The launch of the ₹5 lakh scheme​ exclusively ⁤to⁣ women,SC ⁤and ST‌ is a powerful measure towards⁤ economic inclusiveness. Coupled with enhanced MSME credit limits,⁢ this‌ offers‌ women entrepreneurs a compelling opportunity to thrive. These ‍initiatives will undoubtedly‌ help bridge ⁢the gender gap in business ownership and economic participation.”

Mamta shekhawat,Founder,Gradding.com, echoed ​Goel’s ‍sentiments, focusing on the multifaceted ⁢benefits for⁢ families. ⁢

“Scaling up Saksham Anganwadi and Poshan 2.0 ‌to‌ include 8 crore children,‍ 1 crore pregnant mothers, and 20 lakh adolescent girls showcases⁢ a genuine concern for women’s ⁣and children’s health. Such extensive nutritional​ support, particularly targeting ⁢lactating mothers‌ and adolescent girls, promises to create a lasting, ⁣positive impact on community​ health outcomes for ‌generations ⁤to come.”

Ridhima kansal, Director, ​Rosemoore, further‌ emphasized the ⁢far-reaching impact of these interventions. ​

“Women stand to benefit tremendously from both the economic empowerment offered by‍ the ₹5 lakh ‌scheme and the nutritional security provided by Poshan 2.0. This combined approach effectively addresses the health infrastructure gaps alongside financial⁢ constraints, paving⁢ the ⁢way for women’s advancement.”

Budget 2025’s income tax relief package ‍promises tangible improvements in the lives of millions, fostering financial ⁤stability, economic growth, and ‌a brighter future for all.

Income Tax Budget 2025: A ⁣Focus on simplicity and Middle-Class Relief

The Union Budget for 2025-26 ⁤has brought a wave of positive changes for the Indian tax‌ system, with a clear emphasis on simplification and boosting financial flexibility for taxpayers. Finance Minister Nirmala sitharaman unveiled a range of ​reforms, including adjustments to tax slabs,⁤ measures ‌to ease compliance‍ burdens, and incentives aimed at encouraging investments in‍ key sectors.

The most significant changes involve the revamping of personal income tax slabs and ‍rates. The government has⁢ introduced new tax ⁢brackets,⁢ offering a more progressive⁢ structure that benefits middle-class ⁤individuals. The new slabs are ‍structured as follows:

  • ₹0-₹4 lakh:⁢ Nil tax
  • ₹4-₹8 lakh: 5%
  • ₹8-₹12 lakh: 10%
  • ₹12-₹16 lakh: 15%
  • ₹16-₹20 ‌lakh: 20%
  • ₹20-₹24 lakh: 25%
  • Above ₹24 lakh: 30%

These changes ‍aim to create a fairer system where higher earners contribute a​ greater proportion of their ⁣income in taxes,‍ while‌ those ‌with‌ lower incomes ⁢receive more financial ⁤breathing ‍room.

Beyond⁤ tax adjustments, ⁣the ‌government has ⁣also taken steps to streamline the⁢ tax compliance process. Kuljeet⁢ Singh,Director of​ Finance and Accounts at⁤ GI Group Holding,applauded these measures,stating,”Budget 2025 brings much-needed tax reforms aimed‍ at simplification,compliance ease,and ​middle-class relief. ⁤The extension of the updated tax ⁤return‌ filing window to four years offers ‌greater flexibility to taxpayers to rectify or revise their filings. Rationalizing TDS and TCS,along with increased thresholds on rent and LRS remittances for individuals,will ease compliance. The removal​ of TCS on education loans up‍ to ₹10 lakh is a positive ⁢step for​ families⁤ investing in ‌higher education.”

The ⁤government has also expanded⁢ the reach of tax benefits‌ under​ the National Pension Scheme (NPS) by ‍extending the benefits‍ available under sub-section (1B) of section 80CCD ⁢of the Income-tax Act, 1961⁢ to ⁤contributions​ made to​ NPS Vatsalya accounts.

The​ budget also signals ⁣a major shift in the insurance sector with the announcement ⁤that ​the Foreign ‍Direct⁢ Investment (FDI) limit ​will be raised to 100 per cent, up from the previous limit‍ of 74 ​per cent. This move aims to attract greater foreign investment and ​bolster the⁣ growth of the insurance industry in India.

Finance Minister ‌Sitharaman emphasized the government’s⁢ commitment to creating a more taxpayer-friendly environment, highlighting initiatives such as faceless assessment and the ‍introduction of a​ taxpayers’ charter.

Budget 2025: A game-Changer for Income Tax

The Union Budget 2025, presented on ⁤1st February 2025, brought a wave of changes to the ⁤Income ⁢Tax system, highlighting a shift towards ​a⁣ more taxpayer-friendly and simplified regime.

At the core of these changes is the ‍introduction of a new Income Tax Bill, slated to be introduced in parliament the following week. Finance Minister Nirmala ​Sitharaman emphasized‌ the government’s “trust​ first, scrutinize later” approach, indicating a desire to streamline the tax system and foster a more ⁣transparent environment.

The new framework aims to⁢ simplify the existing Income Tax⁢ Act, making it⁤ easier for⁢ individuals and businesses to understand and comply with. A key⁣ feature is the reduction of income tax for the middle class. Individuals earning up to ₹12 lakh ⁢ (₹12.75 lakh for salaried taxpayers​ with a ‌standard deduction⁤ of ₹75,000) will now pay no income tax at all.

Sandeep Chilana, Managing partner at⁢ CCLaw, welcomed the overhaul but cautioned that the true test⁣ will be ⁣its effectiveness in simplifying compliance. “A‌ complete overhaul ​of the Income Tax Act⁣ is a bold ⁢step, but the real question ⁣is ⁢whether it will truly simplify compliance or just reorganize complexities. If‌ the⁣ new law can bring predictability, reduce ⁣disputes, and ease tax governance, it will⁣ be a game-changer. Though, businesses and professionals will‍ be watching closely to see⁤ how it ⁤handles ‍legacy issues like retrospective‌ taxation, complex exemptions, and litigation-heavy⁤ provisions. The success of this ​reform will depend on‍ how effectively it balances revenue needs with a taxpayer-friendly approach,”

⁢ he said.

The Budget also includes a modified income​ tax time limit,‌ extended from two years to four years.

The government’s focus seems clear: to create a more efficient ⁢and transparent tax system⁤ that encourages investment and growth ​while providing greater relief to taxpayers. The ⁤success of this ambitious reform will depend on its⁣ implementation and the government’s ability to address​ potential challenges.

:09:58 PM IST

Income tax ‍Budget 2025⁣ LIVE: Reducing burden‍ on tax compliance

Income tax Budget 2025 LIVE:‌ Compliance burden for small charitable trusts & institutions to be reduced, ⁢by increasing their registration period from 5 years to 10 years

Taxpayers to be allowed to claim annual value of two self-occupied properties as nil without any ⁣condition.

01 Feb​ 2025, 12:08:53 PM IST

Income tax ​Budget 2025 LIVE: Rationalising TDS / TCS

– Limit for tax deduction on interest for⁢ senior citizens to be ⁢doubled from ⁣ 50,000 ⁤to 1 lakh

– Annual limit⁣ for TDS on rent to be​ increased from​ 2.40 lakh to 6 lakh

-Threshold‌ to collect tax at source on remittances under RBI’s Liberalized Remittance Scheme to be raised from ‍ 7 lakh to 10 ​lakh

01 ‍Feb 2025,12:03:13 PM IST

Income Tax Budget 2025 LIVE: Social welfare surcharge⁤ exempted on 82 tariff ⁤lines subject ⁣to cess,says FM

7 Tariff‌ Rates to be removed,over and ​above 7​ rates removed in 2023-24 Budget ⁢Social welfare Surcharge⁣ to be exempted on 82 tariff lines that are subject to a cess

01 feb 2025,11:53:42 AM IST

Income Tax Budget 2025 LIVE: FM Sitharaman announces Gyaan Bharat Mission

FM‌ Nirmala Sitharaman says that the ‍government will set up the Gyaan Bharat Mission for survey,documentation and conservation ⁤of manuscript ​heritage.

01 Feb⁤ 2025, 11:51:41 AM IST

Income tax Budget 2025 LIVE: New Income Tax Bill next week,⁢ says FM Sitharaman

Finance Minister Nirmala Sitharaman⁤ announced the new Income ⁤Tax during‍ the Budget speech.

01​ Feb 2025, 11:45:03 AM IST

Income Tax Budget 2025 LIVE: ‘National Manufacturing Mission’ will‍ be set up

FM ⁣ says for toys sector, will implement a scheme to make India a⁣ global manufacturing ⁣hub.‘National Manufacturing Mission’ will ⁢be⁢ set up to further ‘Make In India’

01 Feb 2025, 11:35:29 AM⁤ IST

Income Tax Budget 2025 LIVE: Infrastructure ministries ⁤to ⁤present 3-Year PPP project pipeline

Infrastructure ministries will come up with 3-year pipeline of projects to be implemented ⁢in PPP mode: FM Sitharaman.

01⁢ Feb ‍2025, 11:33:23‍ AM IST

Income‍ Tax ‍Budget ⁤2025 LIVE: Day care center for ⁣cancer

FM​ Nirm

A New Era for Farmers: Loan Limits Expanded

On February 1st, 2025, Finance Minister Nirmala Sitharaman announced a significant boost for ⁣Indian farmers. During ​her presentation of the Union Budget 2025, Sitharaman revealed​ an increase in the loan limit for ⁣the Kisan Credit Card scheme. the new limit, set at ₹5 lakh, represents ⁢a significant increase from the previous cap ‌of ₹3 ‌lakh.

This expansion in loan accessibility aims to empower farmers with increased financial support, enabling⁣ them to invest in agricultural development and enhance ⁤their livelihoods.

Will the increased‍ loan limit empower ⁤farmers to adopt modern agricultural practices and contribute to increased⁤ productivity?

Farming Forward: Farmers’ loan Limit Expanded

01 Feb 2025, 11:33:23 AM IST

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An Interview with Ramesh Patel, Kisan Credit Card Holder

ramesh patel, a soybean farmer from Gujarat who​ has been utilizing‌ the Kisan Credit ‌Card scheme for several years, shares his thoughts on‍ the increased loan limit announced in the 2025 budget.

“The previous limit of ₹3 lakh was frequently enough insufficient to meet all my agricultural needs. This new increase ⁣to ₹5 lakh is a‍ game-changer‍ for farmers like me. I can now invest in​ improved irrigation ‌systems, high-yield seeds, and⁤ essential agricultural​ tools without⁣ worrying about financial constraints.⁣ ItS a real vote of ‌confidence in the farming community. We are incredibly grateful,” said Patel.

What impact do ​you think this increased financial support will have on the overall agricultural landscape of India?

*Remember to adapt and expand this interview frame based on your desired content and‌ style.

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