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SLEW OF DIRECT TAX REFORMS PROPOSED IN UNION BUDGET 2025-26 TO ACHIEVE GOOD GOVERNANCE Union Minister for Finance and Corporate Affairs, Smt. Nirmala Sitharaman presented the Union Budget 2025-26, in the Parliament today. A slew of Direct Tax reforms were proposed in the document with the aim to ac
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FAQ :
Under the new regime, no income tax will be payable up to a total income of Rs. 12 lakh, which translates to an average monthly income of Rs. 1 lakh, excluding special rate income like capital gains.
The limit for tax deduction on interest for senior citizens is proposed to be doubled from Rs. 50,000 to Rs. 1 lakh.
The annual limit for TDS on rent is proposed to be increased from Rs. 2.40 lakh to Rs. 6 lakh, which will benefit small taxpayers receiving small payments.
The period for registration for small charitable trusts and institutions is proposed to be increased from 5 years to 10 years.
The budget proposes a scheme for determining arm's length price for international transactions over a three-year block period and expands the scope of safe harbour rules to reduce litigation and provide certainty in international taxation.
Yes, the period of incorporation for start-ups is proposed to be extended by 5 years, allowing benefits for those incorporated before April 1, 2030.
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