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Finance Minister Nermalla Sitramman is expected to help tax discounts and rationalize income tax panels provided in the FY25-26 budget by Finance Minister Nermalla Sitramman helps 99 % of taxpayers on the country’s income tax.
The minister, who presented the federation’s budget for the next fiscal year in Parliament on February 1, led to a decrease in the income tax burden on a large portion of taxpayers with wages in India by raising income tax panels and providing a large discount on income of up to 12.75 rupees per year. It also announced that a new information technology bill will be submitted in Parliament next week. These measures, as tax experts say, not only to reduce the effective tax that most of them pay, but the upcoming information technology bill will reduce complications from joint taxpayers.
According to tax expert Vid Jin, this step is expected to accelerate the taxpayer immigration with wages towards the new system. “The number of people who provide income tax on growth has been set to 10 rupees from about 8.5 rupees. While the number of actual taxpayers may remain less over the next 2-3 years, this number will also grow” because economic prosperity will be raised People’s income levels, as he says in India to round table round today in India 2025.
“Such a major tax exemption has not been offered in any budget. This was possible due to the unprecedented height in collecting personal taxes in recent years,” adds, who has nearly 40 years of experience in this field.
Rakesh Nangia, founder and administrative partner at Nangia & Co, says that in India is currently among 8.5 Crurated taxpayers, does not pay about 5.5 rupees or 65 % tax but only provides revenue. According to him, economic growth, and therefore, has increased income levels in recent years led to the expansion of taxpayers with medium income.
However, reducing complications in tax compliance by reducing the required details during different types of tax deposits need the watch, says Nangia. “Today there are 298 parts of the current IT law and many sub -sections. He says:” The new IT law will make the rules easy. “
Jain agrees. The current verb consists of 800 pages. Given the fact that FM today said it aims to reduce the size by half, we expect the new action to include about 400 pages. “
Pratik Jain, partner, PWC India expects that the government will submit some concrete methods to reduce tax suits or disputes in the new law. “Although the commodity and services tax group has decreased slightly over the past 5-6 months compared to what the government expected to be,” the renewed reinforcement of economic activities will help it achieve 14.5 % growth in tax collection in the coming fiscal year, he explains.
