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.
Bu hikaye Mint Mumbai dergisinin December 24, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Mint Mumbai dergisinin December 24, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Cash transfers must not lead states to fiscal ruin
A political imperative amid hard times for multitudes could turn into a race to the bottom.
Crafting Bharat: Deep-tech edition-How Morphing Machines is revolutionising computing
The semiconductor industry is at the forefront of a technological revolution, driven by the integration of artificial intelligence (AI) in design, production and testing processes.
Combatting compassion fatigue with self-care
For people in jobs that require them to be in the front lines of a crisis, vicarious trauma is normal. Surviving it requires conscious care
What's going on your action board for 2025?
Action boards help break down your bigger aspirations into achievable goals
Deepak Chopra's latest vision: Integrating AI & well-being
Indian-American author & new-age guru Deepak Chopra is optimistic about the power of AI in enabling personal growth
The education imperative: May Parliament rise to the challenge
A country can't prosper if too many children are left behind and it's for our parliamentarians to transform this grim reality
AI robots are on their way and they're likely to be Asian made
Artificial intelligence is breathing new life into robotics in Asia
Piketty's tax advice for India should provoke thought
The country all but embraced Reaganomics but it may be time to address worsening inequality
We need more sectors to become reliable dollar earners
India must tap new export opportunities, especially in service sectors like tourism and education
Too many outcome shapers are too distant from ground realities
The ivory tower is all too real. It explains a key deficiency in well-intentioned but useless analysis