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The 2025 Union budget of India was presented by Finance Minister Nirmala Sitharaman on 1 February 2025 for the financial year 2025 ... Under the new tax regime, ...
The New Tax Regime is a scheme of Income tax in India first proposed in Union Budget 2020–21. [1] Subsequent Budget of FY2021-22 did not see any major announcements in this regime. [ 2 ] During the Budget 2022–23, reports emerged that New Tax Regime was getting poor response [ 3 ] and Government is considering to make it more attractive ...
Three quarters of a million hospitality workers ‘dragged into higher tax regime’ following Budget. ... 2025 at 9:50 AM ... hospitality and leisure and introducing a new permanently lower ...
The interim budget also has the authority to make changes to the tax regime, but historically, significant tax adjustments or new schemes are avoided due to the limited time in office. Essentially, it mirrors the first part of a Union budget, detailing the previous year's income and expenses, with only essential expenses documented until the ...
Under the recent tax law, the deductibility of state and local tax payments for federal income tax purposes is now limited to $10,000 — or $5,000 for married taxpayers filing separately — in a ...
Here are some ways your taxes may change in 2025 and beyond. Tax benefits for small businesses. ... He said he plans to launch the new entity on Jan. 20, the day of his inauguration.
In the budget 2025, tabled by the Finance Minister on 01.02.2025, the FM affirmed and said that the new direct tax code will be presented in the coming weak replacing Income Tax Act, 1961. [24] The union cabinet on 07.02.2025 cleared the new Income Tax Bill to replace the old Income Tax Act, 1961. [25]
Whether it's your first budget or you're a veteran at planning your finances, now's the time to establish a budget for 2025. A good budget serves as a road map for your finances, helping you to ...