CA.Sangam Aggarwal
Quick Summary
Introduction On February 1, 2025, our esteemed Finance Minister, Smt. Nirmala Sitharaman, presented the Union Budget 2025, outlining key provisions related to Income Tax, including the following: Rates of income-tax; Measures to promote investment and employment; Simplification and Rationalisa
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FAQ :
The Union Budget 2025's income tax proposals focus on rates of income-tax, measures to promote investment and employment, simplification and rationalisation of tax laws, socio-economic welfare, and tax administration.
For assessment year 2026-27 onwards, the New Tax Regime sees revised tax slabs. For instance, income up to Rs 4,00,000 is taxed at Nil, and the 5% slab extends to Rs 4,00,001 - Rs 8,00,000.
From assessment year 2026-27, the limit of total income for rebate under Section 87A for the New Tax Regime is proposed to be enhanced from Rs 7,00,000 to Rs 12,00,000, with the rebate limit increasing from Rs 25,000 to Rs 60,000.
Yes, the budget proposes rationalisation of TDS thresholds for several sections, including interest on securities, interest other than on securities, dividend, and fees for professional or technical services, generally increasing the threshold limits.
The time limit to file an updated return is proposed to be extended from 24 months to 48 months after the end of the relevant assessment year.
The tax benefit under Section 80-IAC for eligible start-ups, which offers a 100% deduction on profits for three years, is proposed to be extended for another five years, available to start-ups incorporated before April 1, 2030.
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