This year’s Budget assumes added significance as the new Income Tax Act, 2025, is scheduled to come into effect from April 1 this year
Finance Minister Nirmala Sitharaman is set to present the Union Budget for ninth consecutive time today with middle-class taxpayers once again pinning hopes on relief in income tax slabs and deductions.
Individuals who benefited from higher income tax exemption limits and GST rate cuts last year are now looking for a further increase in the standard deduction and additional measures to ease their tax burden.
This year’s Budget assumes added significance as the new Income Tax Act, 2025, is scheduled to come into effect from April 1 this year.
The Budget is expected to spell out transitional provisions, compliance rules and policy clarifications to ensure a smooth shift from the existing law to the new regime.
Income tax highlights from Union Budget 2025
– Zero income tax for individuals earning up to ₹12 lakh annually under the new tax regime.
– Extension of the time limit for filing updated returns from two years to four years for any assessment year.
– Increase in the annual Tax Deducted at Source (TDS) limit on rent from ₹2.40 lakh to ₹6 lakh.
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