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

share-iconWednesday, January 08 comment-icon3 weeks ago 10 views
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indiatimesINDIATIMES
Anticipated Personal Tax Reforms and Exemption Increases in India's 2025 Budget

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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