Tag: budget 2025
Budget 2025 could start implementing Direct tax code by cutting tax rates, removing exemptions, lay out road map
There is a buzz going around that Finance Minister Nirmala Sitharaman is likely to introduce a new income tax bill in the budget session of…
Income tax payers wishlist for Budget 2025: More benefits in new tax regime, higher HRA, other reliefs in old tax regime
It is the Budget season again! It is a pivotal time for businesses and individuals who anticipate changes in policies, income tax and spending. For…
Will Budget 2025 replace Income Tax Act with new Direct Tax code? Here’s what experts say
Finance Minister Nirmala Sitharaman announced in Budget 2024 that the Income Tax Act 1961, would be reviewed. The review and proposed re-codification is aimed at…
TCS on sending money abroad is 20% in many cases: Will Budget 2025 reduce this to 5%?
In a move to strengthen fiscal oversight and streamline foreign exchange transactions, the government introduced Tax Collected at Source (TCS) on remittances to foreign countries…
Tax break on buying EV: Will govt bring this interest deduction on buying electric vehicles back in Budget 2025?
The emergence of different cryptocurrencies for trading and higher use of electric vehicles, which are more environment friendly, are two of the major technology-based changes…
Dividends are taxed at nearly 50%: Will Budget 2025 reduce income tax rate on dividends?
One major area which needs rationalisation in Union Budget 2025 is the taxation of dividends for resident shareholders. Resident shareholders are those who are considered…
Will Budget 2025 merge old and new tax regimes to simplify income tax slabs, structure?
India’s existing tax system for individual taxpayers offers two personal tax regimes – the old tax regime and the new tax regime. The new tax…
Hike basic exemption limit to Rs 5 lakh, cut income tax rates, further reduce number of TDS rates in Budget 2025: EY
EY, one of the big four consultancy firms, has urged the government to hike the basic exemption limit to Rs 5 lakh from Rs 3…