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Budget 2025 is being announced on 01.02.2025 by our Hon’ble Finance Minister Nirmala Sitaraman.
MSME limit enhanced:
Turnover for micro, small and medium enterprises increased from 5, 50 and 250 crores to 10, 100 and 500 crores.
Investment limit increased from 1, 10 and 50 crores to 2.5, 25 and 125 crores.
Key updates under Income tax and GST are as under:
Nirmala sitharam announces to produce new income tax bills next week.
She said income tax to trust first and scrutinize later.
New bill will be clear and direct and will be half of current law. It’ll reduce litigation.
Personal income tax reforms with special focus on middle class.
Simplification of TDS.
Rationalize TDS rates and section.
Threshold amount will be increased. TDS limit for 194A for senior citizens increased from 50000 to 100000.
TDS on rent increase from 2.4 lakh to 6 lakh.
Limit for LRS TCS increased from 7 lakh to 10 lakh.
TCS on education limit removed.
TCS removed on sale of goods.
TCS filed and paid till year end decriminalised.
Updated return time limit increased from 2 years to 4 years.
Final registration for trust increased from 5 years to 10 years.
Extension for incorporation of startup extended by 5 years i.e. till 01.4.2030.
Personal Income tax reform:
No income tax payable upto income of Rs. 12 lakh
0-4 lakh nil
4-8 lakh 5%
8-12 lakh 10%
12-16 lakh 15%
16-20 lakh 20%
20-24 lakh 25%
Above 24 lakh 30%
36 life saving drugs exempt from basic custom duty.
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