Quick Summary
As the Union Budget 2025-26 approaches, tax experts and stakeholders are urging the government to address key concerns of the salaried class and Micro, Small, and Medium Enterprises (MSMEs) to drive consumption, investment, and economic growth. Reducing Tax and Compliance Burden Experts emphasize the need for easing the tax and compliance burden on salaried individuals. "Inflation continues to erode disposable income for the salaried class, leaving them burdened by cumbersome Income Tax Retu
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FAQ :
Experts are urging for an increase in the basic exemption limit to ₹10 lakh and an enhanced standard deduction to boost disposable income and consumption.
Proposals include lowering taxation rates for MSMEs below a certain revenue threshold, offering concessional rates for manufacturing, and allowing presumptive taxation for simplified compliance.
Simplifying Income Tax Return (ITR) forms and rationalising capital gains tax structures are key demands to encourage investment and ease the burden on individuals and businesses.
In Budget 2024-25, the standard deduction for salaried taxpayers was increased to ₹75,000 under the new tax regime.
Recommendations include introducing lower tax rates for emerging industries like electric vehicles, semiconductors, and data centres to promote innovation and investment.
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