TAXPAYERS ALERT!
5 MAJOR INCOME TAX REFORMS BEYOND ₹12 LAKH TAX REBATE
In Budget 2025, Finance Minister Nirmala Sitharaman announced tax cuts aiming to benefit the salaried middle class. She announced an income tax exemption of up to ₹12 lakh for salaried taxpayers, including a ₹75,000 standard deduction.
Here Are Some Major Income Tax Reforms Announced In Budget 2025:
Tax Benefits For Homeowners
Individuals can declare two self-occupied properties as tax-free income.
Credit : PEXELS Filing Updated Tax Returns
Taxpayers now have 4 years instead of 2 to update their Income Tax Returns.
Credit : PIXABAY Tax Deducted At Source
The TDS threshold on rent has been raised from ₹2.4 lakh to ₹6 lakh, easing compliance for small landlords.
Credit : PIXABAY Tax Collected at Source
The TCS threshold on foreign remittances has been increased from ₹7 lakh to ₹10 lakh, providing a higher limit before tax deductions apply.
Credit : PIXABAY New Income Tax Bill
The government plans to introduce a new Income Tax Bill during the budget session. The proposed bill will be around 50% shorter in chapters and words to simplify tax compliance and reduce litigation.
Credit : PIXABAY