Budget 2025 income tax expectations: With the advent of digitization, the Income Tax Department has made significant progress in simplifying tax related processes. It is widely expected that the 2025 Union Budget can focus further in this area with a bid to simplify personal tax compliance and enhance transparency. This also aligns with the Government's efforts to encourage voluntary tax compliance and reduce administrative burdens.
Some of the areas where the Government may consider digitizing and enhance simplification of tax compliances for individual taxpayers are discussed here.
Read full story:Budget 2025 income tax expectations: Most personal tax experts are of the view that the government will phase out the old income tax regime in the coming years. However, they are divided on how soon, with tax experts suggesting that the old tax regime will likely be available as an option for salaried taxpayers for some more years.
The new income tax regime was introduced as an optional tax regime FY 2020-21 onwards. Under the new income tax regime, common and popular exemptions like Section 80C, medical insurance premium, house rent allowance etc. are not included. What it offers is a tax regime with lower tax rates, beneficial income tax slabs and no headache of compliance burden related to deductions and exemptions.
Read full story here:As India prepares for the Union Budget 2025, the education sector is abuzz with expectations of transformative reforms. From enhancing digital infrastructure to addressing funding gaps, stakeholders are hopeful that this year's budget will set the stage for a future-ready education system. The Finance Minister, Nirmala Sitharaman, will deliver her eighth Budget speech on February 1, 2025, and the sector is keenly awaiting announcements that could shape the landscape of Indian education for years to come.
The education sector’s demands are multi-faceted, with a strong emphasis on integrating technology, increasing public funding, and improving access to higher education. As the Union Budget approaches, educationists, industry leaders, and institutions alike have shared their expectations, emphasising the need for policies that align with global educational trends while addressing the unique challenges faced by India’s diverse education ecosystem.
Read full story here:Budget 2025 Income Tax Expectations Live: While the Centre is focused on tweaking the rates in the new tax regime, a case is also being made to provide higher concessions for spends such as health insurance and pension, seen to be crucial in a country like India where individuals, barring those in govt, have to fend for themselves. The demand in some quarters is to bring down the curtains on the old tax regime, which is seen to be beneficial to those with allowances, such as house rent allowance, and home loans.
Budget 2025 expectations: If India were a Formula 1 team, alarm bells would already be ringing. The track ahead is challenging, rival teams are growing more unpredictable, and it's clear that execution and strategy need a serious overhaul.
With the growth story veering off track and high-frequency indicators showing signs of stress due to external factors, the upcoming Union Budget 2025 must prioritise two critical areas: boosting consumption and driving investments.
Read full story here:Stock market recommendations: According to Motilal Oswal Financial Services Ltd, the top stock picks for the week (starting January 27, 2025) are Coforge and Persistent Systems.
Let’s take a look:Budget 2025 Income Tax Expectations Live: Amid expectations of a relief in income tax in the Budget, govt is keen to keep the new tax regime free of concessions, while it looks at raising the threshold and offering concessions through a rejig of slabs.
Income tax rates are usually among the last set of announcements to be finalised and typically ahead of every Budget a case is made to rework them. This year is no different with companies and economists citing weak demand to make a case for lowering the liability, particularly for the middle class. Last year, finance minister Nirmala Sitharaman had enhanced the standard deduction for the salaried to Rs 75,000 and also revised the slabs and said that all the changes announced by her would result in a Rs 17,500 gain.
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