Budget 2025 has been presented by Hon’ble Finance Minister Mrs. Nirmala Sitaraman today i.e. on 01.02.2025. This was her consequent Eight budget presented in NDA government. In the budget various announcement have been made. The most significant announcement in this budget which grab the attention of maximum taxpayer was increasing the tax rebate from existing 7 Lakh to 12 Lakh total income.
Hon’ble Finance Minister has also proposed various amendments in Direct and Indirect taxes. This budget was mainly focused for middle class individual assessee. Various benefits has been announced in this budged for them like, increasing slab rate, rebate and exemption limit of perquisite given by the employer to employee.
To promote start-ups, period for incorporation of start-ups has been further extended by five years. Numerous amendments has also been made in TDS and TCS. Threshold limit of TDS for various sections has been increased upto which no TDS is required to be deducted. Also, amendment is proposed for decriminalization of delay in TCS deposition.
This budget has also brought various provisions to clarify and rationalize the provisions of income tax. Provisions of penalty and prosecution has been amended in order to rationalize and standardize the same.
In this write up we have given brief yet meaningful summary of the amendment proposed through this budget in direct taxes. Hope you will find it of some use in your business endeavour.