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As the Union Budget 2025 draws near, there’s a growing buzz about potential changes in Income Tax policies for the common man. Experts have offered several recommendations focusing on significant changes to personal income tax, specific tax areas like EVs and crypto, housing benefits, savings incentives, and more. These proposed reforms aim to provide relief to the taxpayers.
With targeted reforms and incentives like the reduction of GST on Health insurance, we can unlock the true potential of insurance, ensuring wider coverage, encouraging innovation, and building a secure future for every individual and business, Universal Sompo General Insurance Managing Director and CEO Sharad Mathur said.
The Annual Information Statement (AIS) is a vital document introduced by the Income-Tax Department. It provides taxpayers with a detailed view of their financial transactions during the financial year, thereby ensuring greater transparency and ease in tax compliance.
Finance Minister Nirmala Sitharaman will present the second full-fledged budget of the Modi 3.0 government on February 1. The upcoming Union Budget 2025-26 is being eagerly anticipated, with the middle class hoping for significant tax reliefs.
The Institute of Chartered Accountants of India (ICAI) has proposed a change to the country’s tax framework by introducing a joint taxation system for married couples.
With an aim to get rid of high-polluting vehicles, the transport ministry has proposed to double the rebate up to 50 per cent in one-time tax on purchase of new vehicles after scrapping those with BS-II and earlier emission standards. At present, a discount of 25 per cent in Motor Vehicle tax is provided on purchase of a new vehicle after scrapping old personal vehicles, while the rebate is capped at 15 per cent in case of commercial vehicles.
As Budget 2025 draws near, India’s personal finance ecosystem is ready for a transformation. Despite boasting more than 7.5 crore individual taxpayers, with income tax forming a significant part of government revenue, this lot is neglected and reforms to incentivise compliance have become overdue for almost all categories of taxpayers.
Vimalendra Singh, Chief Business Officer (Residential), Mahindra Lifespace Developers Ltd said that the real estate sector is optimistic about measures to reduce construction costs and enhance affordability. “A reduction in GST on cement and allowing input tax credits for under-construction properties would drive growth. Increasing the home loan tax exemption limit would benefit middle-income buyers, especially with rising urban housing prices. Infrastructure investments remain a priority, and enhanced connectivity in smaller cities could unlock new development opportunities. These measures would strengthen the sector and support sustainable growth,” says Singh.
The Supreme Court (SC) on Friday issued a stay order on the Delhi High Court judgment in favour of Tiger Global International III Holdings, a Mauritius-based investment entity, in a case involving the sale of its stake in Flipkart Singapore to Walmart in 2018 for over Rs 14,500 crore, thus generating capital gains in India.
