Tax Cut in Budget | Up to 15 Lakh | Union Budget 2025 in India | Tax Government of India
Union Budget 2025 : A Comprehensive Analysis Introduction: The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman on February 1, 2025, addresses India's current economic challenges while setting a roadmap for sustainable growth and development. The budget focuses on fiscal discipline, inclusive growth, and sustainable development, proposing several key initiatives aimed at revitalizing the economy for the fiscal year 2025-26. Key Highlights: 1. Tax Reforms: Streamlining TDS/TCS: The government has simplified the TDS (Tax Deducted at Source) and TCS (Tax Collected at Source) rates. This change is expected to make tax compliance easier and reduce disputes. Income Tax Relief: A reduction in income tax rates for individuals earning up to Rs 15 lakh per annum is proposed. This move aims to increase disposable income, boosting consumer spending. Corporate Tax Cuts: Corporate tax rates for small and medium enterprises (SMEs) are reduced to 22% from 25% to ince...