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The Central government has successfully attracted taxpayers to the new tax regime with minimal exemptions in recent years, leading to a shift away from the old regime with multiple exemptions.
Updated : Jan 21, 2025

Budget 2025: Taxpayers expecting these big changes under the Old Tax Regime that saw no big tweak last year

Budget 2025: Despite the simplicity of the new tax regime, many taxpayers still prefer the old system due to its various deductions and exemptions.

The objective of new income tax bil is to simplify the legislation, ensuring it is clear and easy to understand.
Updated : Jan 18, 2025

Budget 2025: FM Sitharaman may introduce new income tax bill, framework in Budget session  

The proposed legislation will be a completely new framework, unlike a mere amendment to the current Act.

One of the most anticipated moves is the enhancement of tax deductions under Section 80D of the Income Tax Act.
Updated : Jan 16, 2025

Budget 2025: What can we expect from FM Nirmala Sitharaman in terms of health insurance, OPD insurance?

Health insurance, including the burgeoning Outpatient Department (OPD) insurance segment, is poised to play a transformative role in making healthcare more accessible, affordable, and efficient.

As per government data, 70% of Income Tax Return filers chose the new tax regime in the fiscal year 2023-24, which has had an impact on small savings schemes.
Updated : Jan 16, 2025

Budget 2025: Will small savings schemes see a big change in next month's Budget presentation?

Experts feel due to increasing inflation and changing economic priorities, numerous potential investors are now examining alternative avenues that offer higher returns. This has made small savings schemes less attractive.

Gains from the sale of cryptocurrencies incur a flat 30% tax rate, irrespective of the individual's income tax bracket.
Updated : Jan 15, 2025

Budget 2025: Will FM Sitharaman bring in a new regime for crypto taxation in the upcoming Union Budget?

An important suggestion from the crypto community is to lower the Tax Deducted at Source (TDS) rate on Virtual Digital Asset (VDA) transfers under section 194S from 1% to 0.01%.

USISPF has recommended an overhaul of India's indirect taxation system to bring it in line with global standards.
Updated : Jan 15, 2025

Budget 2025: TDS revision, tax parity to concessional rate for FPIs - Here's the wishlist of US-India Tax Forum

The US-India Strategic Partnership Forum (USISPF) advocated for tax reforms aimed at simplifying direct taxation

Section 80TTB is specifically designed for senior citizens and offers a broader spectrum of deductions on various types of interest income.
Updated : Jan 14, 2025

Budget 2025 wishlist: Taxpayers, senior citizens seek higher deductions for savings, fixed deposit interest income

It is expected that the government should consider increasing the deduction limit under section 80TTA (savings account interest) from Rs 10,000 to Rs 20,000.

The government has been advised by ICAI to consider allowing interest deduction of up to Rs 2 lakh in the New Tax Regime.
Updated : Jan 11, 2025

Budget 2025: Why home loan should be added under the New Tax Regime; experts weigh in

Currently, as per Section 24 of the Income-tax Act, 1961 (referred to as ‘the IT Act’), individuals can claim a deduction of up to Rs. 2 lakh for interest on home loans for self-occupied property. However, this deduction is only available under the Old Tax Regime. 

“With two tax regimes in place, income tax for individuals has become very complicated.
Updated : Jan 10, 2025

Budget 2025: 'Personal tax should be reduced like corporate tax', Assocham says in its wishlist

In a note to the Finance Minister, the industry body highlighted that corporate tax rates have decreased over the years, leading to a widening gap between personal and corporate taxes.

India's current tax system for individual taxpayers includes two personal tax regimes - the old tax regime and the new tax regime.
Updated : Jan 10, 2025

Budget 2025: Can FM Sitharaman create a third unified tax regime merging old and new tax regimes? Check details

While the old regime allows for various exemptions and deductions, the new regime offers reduced tax rates with limitations on claiming most exemptions or deductions.

Proposing a joint taxation system could yield substantial advantages, particularly for households with a sole breadwinner.
Updated : Jan 10, 2025

Budget 2025: Joint taxation for married couples can be a gamechanger; how will this work? 

The idea of joint taxation for married couples is not a new one and is already implemented in several developed countries, providing a potential model for India to consider.

Most experts expect that the government might reduce tax rates for individuals in different brackets to help increase disposable income, boost demand.
Updated : Jan 09, 2025

Budget 2025: Tax relief, tax exemptions, revision in tax slabs, experts share their proposals  

Experts are foreseeing a spectrum of proposals, from potential tax rate reductions to a complete overhaul of the taxation framework, all to stimulate consumer spending, simplify the tax structure, and foster economic development.

EY India has said the government should postpone the deduction of tax at source (TDS) on provident fund (PF) interest (above Rs 2.5 lakh) until the withdrawal stage to simplify compliance requirements.
Updated : Jan 08, 2025

Budget 2025: Tax simplification, reduction in personal income taxes, EY India shares its wishlist

In its Budget anticipation note, EY India stated that it is expecting significant reforms geared towards streamlining the tax system, enhancing taxpayer services, reducing litigation, and improving compliance.

Senior citizens are eagerly waiting for the tax reliefs to be declared in Budget 2025.
Updated : Jan 08, 2025

Union Budget 2025: What income tax relief did FM Sitharaman offer senior citizens last time; check details

In the 2024 Budget, FM Sitharaman implemented various modifications to the capital gains framework, tax deducted at source (TDS), and related matters.

In the Budget speech in July 2024, FM Sitharaman stated that a comprehensive review of tax legislation will be completed within six months.
Updated : Jan 08, 2025

Union Budget 2025: Centre may take steps to simplify ITR filing process, says report

According to a report, Union Finance Minister Nirmala Sitharaman is set to announce an overhaul of the Income Tax Act of 1961, which is currently in its final stages of preparation. 

The union also urged the finance ministry to consider raising the minimum pensions for EPS-95 pensioners to Rs 5000 from Rs 1000.
Updated : Jan 07, 2025

Budget 2025: Will FM Sitharaman raise tax-free income, tax exempt income threshold to Rs 10 lakh? 

Bhartiya Mazdoor Sangh, backed by RSS, asked FM Sitharaman to increase the tax-free income threshold to Rs 10 lakh, introducing a stimulus package specific to agriculture, extending the number of work days under MGNREGA to 200, expediting GST refunds, and others.

AMFI has put forth a proposal in Budget 2025 to revert back to the previous capital gains tax rates due to the significant percentage hike.
Updated : Jan 07, 2025

Budget 2025: AMFI asks FM Nirmala Sitharaman to restore indexation benefit for debt MFs

AMFI said the reinstatement of this provision will be crucial in maintaining confidence among retail investors and in stimulating growth within India's bond market.

Senior citizens benefit from increased income exemption limits in both the old tax regime and new.
Updated : Jan 07, 2025

Budget 2025: Will FM Sitharaman give any major relief to senior citizens?

Expectations of senior citizens include a proposed revision to the basic tax exemption limit within the new tax regime. Besides, elderly taxpayers are also expecting some relief in tax filing process.

In her Budget speech in 2024, FM Sitharaman called to make the new tax regime more attractive to salaried employees and pensioners.
Updated : Jan 04, 2025

Budget 2025: How FM Nirmala Sitharaman modified New Tax Regime for taxpayers over the years

FM Sitharaman first presented the New Tax Regime in her Budget speech on February 1, 2020. This alternative option for personal income tax was designed to be "simplified" with notably lower tax rates.

The upcoming budget is anticipated to focus on the New Tax Regime, which aims to improve its appeal compared to the old tax system.
Updated : Jan 04, 2025

Budget 2025: Which tax regime will get a boost from FM Sitharaman amid demands of income tax relief

Industry bodies are anticipating that the upcoming Union Budget will address the tax burden faced by salaried individuals and middle-class taxpayers, which is expected to lead to an increase in both consumption and household savings.

The Budget 2024 has increased the standard deduction by Rs.25,000, bringing the new limit to Rs.75,000 under the new regime.
Updated : Dec 28, 2024

Budget 2025: Here are the deductions allowed under New Tax Regime; will these be enhanced further? 

Starting from 2024, the default tax-filing regime will be the New Tax Regime, which features a simplified process but limited deductions. In this article, we will share a list of deductions available to taxpayers who choose the New Tax Regime.

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