Anticipated Personal Tax Reforms and Exemption Increases in India's 2025 Budget

Politics

1 year ago

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Credited from: INDIATIMES

Taxpayers and businesses are anticipating significant reforms aimed at enhancing India's economic growth trajectory in the upcoming Union budget.
EY India advises raising the basic exemption limit from Rs 3 lakh to Rs 5 lakh and suggests various tax reforms to relieve common taxpayers.
Proposals include deferring TDS on provident fund interest, improving dispute settlement approaches, and addressing the backlog of unresolved income tax cases.
Notable reforms suggested pertain to digital assets, capital gains tax, and providing additional tax relief in tier-2 cities.
The final budget presentation is scheduled for February 1, 2025, marking finance minister Nirmala Sitharaman’s eighth budget announcement.

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