The run-up to Budget 2025 has raised expectations of the middle class that the government is likely to give some relief on the personal taxation space.
The aim would be to give a boost to private consumption, which has been lagging for quite some time.
The tax sops in the personal income tax space can be in the form of change in basic exemption limit, tweaks in the tax slab rates as well as an increase in the standard deductions.
Apart from that, a few other changes are also likely in respect of certain compliances to make the life of individual taxpayers easier.
We list out some of the likely changes in the budget:
Higher exemption limit: Currently, income up to ₹3 lakh is not taxed if the total income is ₹7 lakh or more under the new tax regime.
The government might increase the exemption limit to ₹5 lakh, which means any income between ₹5 lakh and ₹7 lakh would be taxed at 5%.
Currently, income between ₹3 and ₹7 lakh is taxed at 5%.
Denne historien er fra January 20, 2025-utgaven av The New Indian Express Kottayam.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra January 20, 2025-utgaven av The New Indian Express Kottayam.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Penalty Controversy as Real Reach Champions League Quarters
JULIAN Alvarez had his penalty in the shoot-out controversially disallowed as Real Madrid beat rivals Atletico to reach the Champions League quarter-finals Wednesday while Arsenal, Aston Villa and Borussia Dortmund also advanced.
Forex kitty up by $15.3 bn, biggest rise since Aug '21
THE foreign exchange reserves, which have been falling since October as the RBI was defending the rupee, has recorded biggest weekly gains since August 27, 2021, jumping by $15.3 billion to touch $654 billion for the week to March 7.
IndusInd fiasco: CEO made ₹100 cr in share sale
CEO Sumant Kathpalia and deputy CEO Arun Khurana sold shares worth ₹157 crore during 2023 and 2024
ED Summons Radhakrishnan in Karuvannur Bank Scam
ENFORCEMENT Directorate has issued summons to K Radhakrishnan, MP, in connection with the Rs 100-crore Karuvannur Service Cooperative Bank scam.
Kozhikode warms up to healthy iftars
The push for healthier eating is not just a response to medical concerns; it is deeply rooted in religious teachings.
B'luru to host BJP nat'l executive council meet
THE BJP is likely to hold its National Executive Council meeting in Bengaluru between April 18 and 20, sources said.
Gensol approves ₹600 cr fundraising to pare debt
FACING rating downgrades and liquidity challenges, Gensol Engineering's board has approved fundraising initiatives totalling ₹600 crore to reduce debt and improve its debt-equity ratio.
Sanctuary for birds inside a university campus
A BIRD sanctuary inside a university? Kerala has that too.
Infra boom under Modi much more than previous govts: Shah
UNION Home Minister Amit Shah said on Thursday that infrastructure has surged under Prime Minister Narendra Modi, with the country having the world's second-largest road network, third-largest metro rail system, and fourth-largest railway network.
Lakshya stuns Christie, Sat-Chi concede match
INDIA'S Lakshya Sen stunned world no. 2 Jonatan Christie of Indonesia in a superlative display to enter the men's singles quarterfinals of the All England Championships here on Thursday.
