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Opinion
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| Big Tax Reliefs & Key Changes from April 1 | | | | The Union Budget 2025-26, set to be implemented from April 1, 2025, introduces significant changes aimed at providing relief to the middle class, salaried individuals, and businesses. Key highlights include new tax slabs, increased TDS limits, benefits for senior citizens, and updated rules for foreign education funds. Additionally, custom duty adjustments will impact prices of 150-200 products. While some benefits will be immediate, social welfare schemes and infrastructure projects will roll out gradually.
The new tax regime offers zero tax on an annual income of ₹12.75 lakh. This includes a ₹75,000 additional benefit for salaried individuals.
Middle and upper-middle-class people will save more as the tax slab for ₹15 lakh income has increased to ₹24 lakh. No Tax on ₹6 Lakh Rental Income: Earlier, TDS was applicable on ₹2.4 lakh rental income. Now, it’s raised to ₹6 lakh. Senior Citizens: TDS on interest income from fixed deposits has been increased from ₹50,000 to ₹1,00,000 annually. Professional Services: TDS limit raised from ₹30,000 to ₹50,000 per year. Impact: Individuals earning less will benefit as more income will remain tax-free. TCS Limit Increased for Foreign Education Students studying abroad can receive up to ₹10 lakh without TCS (earlier limit was ₹7 lakh).Govt Agrees To Raise Stake In Voda Idea To 49% With Fresh Share Acquisition Worth ₹37,000 Crore Impact: Easier fund transfers for students and their families, reducing the hassle of paying extra tax More Time to File Updated Tax Returns Taxpayers can file updated returns within 48 months of the financial year’s end (earlier it was 24 months).
As per new Tax regime slabs for the period of financial year 2025-26, Up to 4 lakhs there would be no any type of tax needed to you to make the payments and while as from 4 lakh to 8 lakh 5% shall needed to be deposit ,simultaneously from 8 lakh to Rs 12 Lakh @ 10% has been asked far to make the payments and surely from 12 Lakh to Rs 16 @ 15% tax need to be deposit . It has been further reported that from 16 Lakhs to 20 lakhs @ 20% has been asked to file the returns within the prescribed period of time from the all respective individuals, while as per the new tax regime slabs the government of India has ordered that from the Rs 20 lakhs to Rs 24 lakhs @ 25% tax is necessity and essential for every concerned citizen of India to file their returns accordingly. Significantly it has been asked to all concerned that from Rs 24 Lakhs to all above @ 25% income tax is annually appropriately adequate and applicable at all.
Tax Rates for Late Filing 60% tax if filed between 24-26 months while as 70% tax if filed between 36-48 months so and so Impact More time to correct mistakes and ensure self-compliance with tax laws. The Capital Gains Tax on ULIPs and Premiums above ₹2.5 lakh in ULIPs will be taxed as capital gains. In such a way that the Tax Rates being admittedly asked to pay smoothly as 12.5% for long-term (over 12 months) while as 20% for short-term (less than 12 months) not only this the Impact on Higher premium investors will have to pay tax, stopping misuse of ULIPs for tax rebates. Nifty IT's Drifting Tale: Tech Index Drops in March, As Other Indices Flourish Custom Duty Changes on 150-200 Products must be reduced duties as Cheaper imported cars (3000 CC), motorcycles (1600 CC), life-saving medicines, and EVs (due to reduced duties on battery production). Not only this but Increased Duties implicated on Imported shoes, smart meters, LCD/LED TVs, PVC products, and certain clothes. That is mostly common and Some products will become cheaper, while others will cost more.
You know that the Immediate Benefits, the Income tax changes, TDS limits, and TCS adjustments from April 1, 2025 is being asked by means of introducing a new regime slabs while as the delayed benefits in respect of Social welfare schemes (for farmers, women, employment) starting from June-July has been considered accordingly in favor of the people of the sovereign state republic of India. Beside the above all this the learnable aspect of Infrastructure projects like roads, railways, schools, and hospitals will take time as they go through contract processes on sure and merits accordingly. | | | | |
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