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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 achieve good governance for the people and economy. The objectives of the Direct Tax proposals are as follows Personal Income Tax reforms with special focus on Middle Class: No income tax payable
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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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