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

Trading License in Khasi hills is over

The only Bollywood actress from Shillong

Just in two weeks Khiaw Kbong Hit 2.5 Mil View

Na ka Constituency ieid jaidbynriew bun eh ki mynderi, Shah Kem ki samla Khasi

U Kpa dei u Irish, Kmie dei Pnar, Khun dei Khasi: Angela rngad. Mih Khasi Naei pat?

Hadien ba la hap siew 800 man ki khynnah class 12. Sa ka kwah burom ka NPP ia ka CUET hana ba ka dei ka NPP ba .........

Ki pnar (Jaintia) Kim dei ki Khasi

Top 10 Beautiful places to visit in Meghalaya

Bun ki Khasi ki bym nang bha ban Kren Khasi