- Senior Citizens: Reduced Compliance burden. 75 years and above. Proposal not to file ITR if only pension income and interest income.
- Reduction in time for IT Proceedings: Reopening of Assessments period reduced from 6 years to 3 years except in cases of serious tax evasion cases
- Proposal to constitute ‘Dispute Resolution Committee’. (Taxable income 50 lakhs and disputed income 10 lakh).
- National Faceless Income Tax Appellate Tribunal Centre
- Relaxations to NRI: Propose to notify rules for removing hardship for double taxation.
- Tax Audit Limit: Proposal of tax audit increased from 5 Cr. to 10 cr. (Only for 95% digitized payments business)
- Propose to provide relief on advance tax liability on dividend income.
- Propose to include tax holidays for Aircraft leasing companies
- Prefiling of returns (Salary, Tax payments, TDS etc.) Details of Capital gains from listed Securities, dividend income, etc. will be prefilled
- Late deposit of employee’s contribution by employer will not be allowed as deduction
- Duties reduced on various textile, chemicals and other products
- Gold and Silver (BCD reduced)
- Agriculture Products: Custom duty increased on cottons, silks, alcohol etc.
- Vivad Se Viswas Scheme Last Date of filing extended to 28th February, 2021.
- Relief to Trusts – Charitable trusts running Hospitals and Educational Institutions relief increased from Rs.1 crore to Rs.5 crore
- Tax holiday for Start-Ups extended to 31st March, 2022. Capital Gains exemption on investment in start ups also extended to 31s March, 2022.
- Affordable Housing Projects – Tax Holiday extended till 31st March, 2022.
- Affordable Housing – Additional Interest deduction (Sec 80EEA) of Rs.1.5 lakhs to be extended for loans taken till 31st March, 2022
Union Budget 2025: Key Highlights – Higher Tax Exemptions, TDS Relief, and Startup Boost
The Union Budget 2025 has introduced several key tax reforms aimed at providing relief to individuals and businesses. Finance Minister Nirmala Sitharaman, in her record eighth consecutive Budget presentation, announced major changes including higher tax exemptions,...
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