The Union Budget of 2025: Finance Minister

 The Union Budget 2025 introduced several significant changes to the income tax laws in India. Here are some key highlights:

  1. Basic Exemption Limit: The basic exemption limit has been increased from ₹3 lakh to ₹4 lakh under the new tax regime. This means lower tax liability for all taxpayers.

  2. Income Tax Return (ITR) Filing: Filing an ITR will now be mandatory only if the gross taxable income exceeds the revised exemption threshold, except in specific cases.

  3. Revised Returns: The deadline for submitting revised returns has been extended from two years to four years.

  4. New Income Tax Bill: A new Income Tax bill will be introduced in Parliament next week, aiming to simplify the existing law and reduce litigation.

  5. Tax Slabs: The new tax slabs under the new regime are as follows:

    • ₹0 - ₹4 lakh: Nil

    • ₹4 lakh - ₹8 lakh: 5%

    • ₹8 lakh - ₹12 lakh: 10%

    • ₹12 lakh - ₹16 lakh: 15%

    • ₹16 lakh - ₹20 lakh: 20%

    • ₹20 lakh - ₹24 lakh: 25%

    • Above ₹24 lakh: 30%

These changes are designed to ease the tax burden on the middle class and simplify the tax filing process

Comments

Pule Kiwei Kiwei

10 must-visit places in Meghalaya during summer:

Mynta ia bein Pulit hynrei ka Kam Pulit kaba lait bun tam bad kiba bun ki kwah long pulit

Ka Samla Grace WarDkhar kaba nyngkong na ki Khasi ha Instagram ban ioh 1Lak follower

Ka jingkurduh Kam ka dei naba shah knieh jubor ha ki nongwei shisngi

Wanrah skul sorkar bad tulop sorkar ia ki nnonghikai tang ha constituency lajong u Rymbui.

Column-The Debate on Influx Must Address Local Involvement