Budget 2025 Finance Minister Nirmala Sitharaman presented an annual budget to Parliament on Saturday that focused on wooing the salaried middle class with tax cuts. In a booster dose for the middle class, she announced an exemption from income tax up to ₹12 lakh. This limit will be ₹12.75 lakh for salaried taxpayers, counting ₹75,000…
Income tax Budget 2025 LIVE: Finance Minister Nirmala Sitharaman will present Budget 2025 at 11 am on February 1. Will the focus be on potential changes to income tax slabs, exemptions, and deductions? What are the expectations of the middle class? Will they get any relief from Union Budget 2025 announcements? Will the government introduce…
With just three days to go for the Budget 2025, there are concerns over whether Finance Minister Nirmala Sitharaman will abandon the previous income tax system as the Union Budget 2025 deadline draws near. Many experts speculate that it may soon be eliminated with an increasing number of taxpayers opting for the new tax system…
Former Infosys CFO TV Mohandas Pai highlighted the growing burden on the middle class due to rising inflation, increasing EMIs, and escalating education costs. In an insightful interview with Mint, Pai, a prominent voice in Indian business and finance, outlined a set of key reforms needed for the country .”The middle class is very angry…
Standard Deduction: Income taxpayers can lower their income without providing any documentation or disclosures by using the standard deduction, which is a fixed sum subtracted from taxable salary income. After being eliminated for several years, the standard deduction provision was reinstated in the 2018 budget announcement. Under Section 16 of the Income Tax Act of…
Will the old tax regime be scrapped? No official announcements indicate that the government will abolish the old tax regime. However, discussions about its future have been ongoing. The new tax regime was introduced in the 2020 Union Budget, offering lower tax rates but without the exemptions and deductions available under the old one. Many…
Budget 2024 eliminated indexation advantages and rationalized capital gains tax on several products. With very few notable exceptions, we anticipate that this year’s budget will mainly continue in the same direction. As demonstrated by previous budgets, the administration will probably keep concentrating on fiscal consolidation. Union Budget 2025 wish list Streamlining the capital gains tax…
Finance Minister has announced changes in tax slabs in the budget 2024 presented on July 23. The rate of taxation remains unchanged, however the size of each of the slabs, excluding the initial zero rate for income upto ₹3 lakh remains unchanged. The slab of ₹3 lakh to ₹6 lakh has been expanded to ₹3…
Finance Minister Nirmala Sitharaman has raised taxes on capital gains from equity investments. As per the Budget 2024 announcements, the government plans to levy a 20% tax on financial assets held for less than 12 months, up from 15%. It also increased the tax on long-term capital gains to 12.5% from 10% on all financial…
Budget 2024: With an aim to recognise first-time employees, Union Finance Minister Nirmala Sitharaman on Tuesday announced three employment-linked incentive schemes for employers and employees based on enrolment in the Employees’ Provident Fund Organisation (EPFO). These three schemes, including Scheme A (one month’s salary for freshers), Scheme B (job creation in manufacturing), and Scheme C…
