Union Budget 2025: With the Union Budget 2025 rounding the corner, the discussion about the Income Tax slab is heating up. This will be the second full budget of the Modi 3.0 government and taxpayers’ expectations are high. The key takeaway this year is the proposed new Income Tax Bill, which could replace the Income Tax Act, 1961.
- Optical Illusion: Can You Find the Number 9 in 10 Seconds?
- Optical Illusion Brain Test: If you have Eagle Eyes find the Odd hot air balloon in 8 Seconds
- Optical Illusion: If you have Sharp Eyes find the hidden Dragon within 12 seconds
- What is the selection process for the ICC Chairman? How are candidates nominated?
- Optical Illusion Visual Test: If you have Eagle Eyes find the Odd Shoe in 18 Seconds
Taxpayers are hoping for significant relief in this budget. The government is considering increasing income tax exemption limits and simplifying tax laws to account for inflation. Experts also called for higher exemptions for low-income groups, increase in Section 80C limits and better relief on home loans.
You are watching: Budget 2025: Sector-wise Expectations from Union Budget
Proposed changes to the Income Tax Act
Sources indicate that a new income tax bill may be introduced later this year after consultations with relevant stakeholders. The government aims to simplify direct tax laws and make them easier for taxpayers to understand. Experts and the public alike are eagerly waiting for Finance Minister Nirmala Sitharaman’s plans that may be included in this budget.
Want to reduce income tax
Tax experts have suggested the possibility of income tax relief in the upcoming budget. They recommended increasing exemptions for low-income groups and raising basic exemption limits under both tax regimes to help people cope with inflation.
- Section 44AD and 44ADA: The amendments to Section 44AD and 44ADA aim to increase the turnover limit for presumptive taxation to make it easier for small businesses and professionals.
- Waiver of interest on home loans: The limit of interest claimed on home loans under Section 24(b) is required to be increased from Rs 20 lakh to Rs 3 lakh.
See more : Observation Skill Test: If you have Eagle Eyes find the Word Commend among Command in 20 Secs
Also read: Union Budget 2025: How to prepare for India’s budget; everything you need to know
Also read: Republic Day Parade 2025: How to Choose Tableaux?
Relief for MSMEs and home buyers:
Experts expect more support for small businesses and taxpayers in the upcoming budget.
Income taxpayers expect Nirmala Sitharaman to make changes to their tax limits:
- Income Tax Exemption Limit: The basic income tax exemption limit may be increased to Rs 3 lakh, providing relief to taxpayers.
- Limit under Section 80C: The investment exemption under Section 80C may be increased to Rs. 2.5 lakh.
Simplifying TD 2025 in Union Budget
See more : Optical Illusion: Sharp Eye people can find the Frog in 10 seconds
The Income Tax Act determines the tax deducted at source (TDS) measure to record the transaction footprint of the taxpayer and ensure stable flow of funds to the government. However, over the years, frequent changes to TDS laws and their broadening scope have posed significant compliance challenges, exacerbated legal disputes and created confusion for taxpayers.
Union Budget 2025 provides a significant opportunity to simplify and expedite TDS and TCS regulations, increase clarity, reduce conflicts and create a more business-friendly atmosphere.
Benefits of the proposed changes:
More than 60 million taxpayers can save Rs 250 crore annually.
The MSME sector is likely to save an additional Rs 50,000 crore, thereby improving the financial stability of small businesses.
Source: https://dinhtienhoang.edu.vn
Category: Optical Illusion