Finance Minister Nirmala Sitharaman is set to present her second budget after the 2024 general elections, focusing on India's transition to a "Viksit Bharat" in the "Amrit Kaal." Key priorities include employment generation, skill development, and relief for those hit by inflation, with the broader goal of boosting GDP growth. Taxpayers, as always, hope for lower rates and concessions to increase disposable income. This could encourage savings, investments, and spending, thereby driving economic growth. With these expectations in mind, here are some potential directions for the Budget 2025 proposals from an individual tax perspective.
Towards a unified tax regime For the past five years, two tax regimes have run in parallel: the old tax regime with regular income slabs and deductions or exemptions, and the new regime with wider slabs and lower rates but no exemptions. Taxpayers could choose either. The objective of the new regime in the Budget 2020 was to simplify taxes. Subsequently, the government made several changes to the new tax regime to make it more attractive.
Denne historien er fra December 24, 2024-utgaven av Mint Kolkata.
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Denne historien er fra December 24, 2024-utgaven av Mint Kolkata.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Services exports save the day for current account in Sep quarter
A rise in services exports helped narrow India's current account deficit (CAD) in the September quarter, although this marked the second consecutive quarterly deficit after hitting a surplus in the final three months of FY24.
Le Sutra to focus on artisanal offerings
Founder Rahul Bajaj said the company is targeting a 25% revenue increase by 2028 as part of its growth strategy
UltraTech to acquire minority stake in Star Cement
Leading cement producer UltraTech Cement on Friday said it will acquire a minority stake of 8.69% from the promoters of Meghalaya-based Star Cement in a deal worth up to ₹851 crore.
Rupee falls to record low as dollar bids spike
The rupee fell to an all-time low on Friday, as maturing non-deliverable forwards and currency futures boosted dollar demand, while the sharp fall led to panic dollar buying by importers.
JSW Neo to acquire O2 Power; EQT and Temasek to exit
The transaction entails acquisition of O2 Power Midco Holdings and O2 Energy SG, and is subject to customary nods
Escorts Kubota's ride is bumpy amid demand concerns
Escorts Kubota Ltd continues to grapple with the challenges of weak export volumes and subdued construction equipment demand.
Rural-urban consumption gap shrinks in 2023-24
The monthly per capita consumption expenditure rose to ₹4,122 in rural areas and ₹6,996 in urban areas
India's Textile Exports: A Silver Lining as Trade Deficit Widens
Experts attribute this growth to govt policies, trade deals, and adoption of new technologies
A Visionary
Former prime minister Manmohan Singh's tenure (2004-2014) witnessed significant reforms that profoundly impacted India's economy, governance, and social infrastructure. His reforms focused on pressing issues such as poverty alleviation, education, healthcare, and corruption. Mint takes a look at the key reforms that reflect Singh's enduring legacy.
Steering Indian Economy: One Journey Ends, Another Continues
The journey that started in 1991, though interrupted a few times, continues today
