BY. UNIBA GHAZI
Presentating the eight consecutive Union budget, Nirmala Sitharaman introduced a new tax design focused at reducing the tax charges and making the overall tax system more comprehensible. She announced that income up to ₹12 lakh will not be taxed, bringing considerable reassurance to the middle class. Under new policy, taxpayers earning ₹12 Lakh will receive an ₹80,000 tax satisfaction, while those earning ₹18 lakh will benefit by ₹70,000.
The government will introduce a new Income Tax Bill next week that aims to reduce legal disputes. Reforms will pinpoint on explaining TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) for simpler observance. Key Changes include:
● The entrance for TCS on foreign fees under settlement schemes has increased from ₹7 lakh to ₹10 lakh.
● Senior Citizens can now formally request a tax deduction limit of ₹1 lakh, double the previous limit.
● The TDS on rent limit has been raised from ₹2.4 lakh to ₹6 lakh annually.
● TCS on education loans for foreign studies has been renounced.
● The time period for filling the updated Tax returns has been expanded from 2 years to 4 years.
The budget session will get the glimpse of the tabling of 16 bills, including the Financial Bill 2025 and amendments to the Waqf and Banking Regulations Act. A notable proposal is the combination of the Indian Railways and Indian Railways Board Acts. Moreover, after presenting the budget, the government will introduce the Appropriation Bill, which details how funds will be issued from the Consolidated Fund of India. Furthermore, the Finance Bill will officially put into practice the government’s tax policies and financial plans for the upcoming fiscal year.
Ahead of the budget, President Droupadi Murmu addressed Parliament, highlighting that the government has successfully lifted the economy from “policy paralysis” regardless of challenges like the COVID-19 pandemic and global geopolitical tensions. She repeated the government’s commitment to fiscal discipline while securing economic growth.
Source taking from The NDTV and Hindustan Times
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