IT-BT Budget Round Table 2025: Unprecedented budget tax reliefs to help 99% of tax payers, say experts
The Minister of Finance Nirala Sitaraman is expected to reduce the income tax tax tax tax on the Budget FY2025-26, 99% of income tax payers in the country.
The Minister, which has submitted to the union’s budget for the next fiscal year, brought the income tax burden on February 1 at the Great Department of Tax and Revenue to 12.75 Lakh Rubles. He also stated that the new bill in parliament will be presented in the parliament next week. These measures, according to tax experts, not only reduce the effective tax paid, but the upcoming IT bill will reduce complications for common taxpayers.
According to the tax expert, Ved Jaini’s step is expected to move the migration of salary taxpayers to the new regime. “The number of people representing the income tax should grow from about 8.5 cavities of 10. Although the number of real taxpayers may be lower in the next 2-3 years, that number will also increase, as economic prosperity will increase people’s income today in India today-business today.
“Such large tax assistance has not been provided in any budget. This was possible for an unprecedented increase in personal tax collection in recent years, “Jean, who has about 40 years of experience in the field.
Nangia & Co. Rakesh Nangia says that it is currently out of 8.5 cavities or 65% of the income taxpayers in India, but does not actually pay taxes. According to him, economic growth and, consequently, increasing the level of income in recent years has led to the expansion of average income taxpayers.
However, by reducing the complications in taxpayers, the necessary details during the required amount of time of tax points, if necessary, says Nangia. “There are 298 sections of the IT operation today and many subdivisions. The new IT operation will make it easier, “he said.
Jain Concurs. “The current operation consists of 800 pages. Taking into account the fact that the Foreign Minister said today that he aims to halve the size, we expect a new action to be about 400 pages, “he said.
Pratik Jain, PWC India expects the government to import some tangible methods to reduce tax trials or disputes in the new operation. Before GST Collection may go a little bit in the last 5-6 months, compared to which the government expected to help the next fiscal year of tax collection, he explained a number of.
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