Niyati
(Student)
(7944 Points)
Replied 01 February 2025
Finance Minister Nirmala Sitharaman announced the development of at least 100 GW nuclear capacity by 2047. Nuclear Energy Mission for research and development of small modular reactors with Rs 20,000 crore outlay to be set up and five small modular reactors to be operationalised by 2033.
For active partnership with private sector, amendments to Atomic Energy Act and Civil Liability to Nuclear Energy Act will be taken up, Sitharaman said.
Mita Basak
(Professional)
(1962 Points)
Replied 01 February 2025
New Income-tax Bill to be Introduced
*New bill will be clear and direct in text with close to half of the present law
*Will be simple to understand, leading to tax certainty and reduced litigation
Mita Basak
(Professional)
(1962 Points)
Replied 01 February 2025
Indirect Tax Measures for Trade Facilitation
Mita Basak
(Professional)
(1962 Points)
Replied 01 February 2025
Indirect Tax Measures to promote Exports
Mita Basak
(Professional)
(1962 Points)
Replied 01 February 2025
Indirect Tax Measures to Support Domestic Manufacturing and Value Addition
Mitali
(Finance Professional)
(15982 Points)
Replied 01 February 2025
TDS/TCS rationalization:
Fewer rates, adjusted thresholds
TCS changes:
LRS limit raised to ₹10 lakh, no TCS on education loans up to ₹10 lakh
TDS on rent:
Threshold raised to ₹6 lakh
#FinanceMinister
Niyati
(Student)
(7944 Points)
Replied 01 February 2025
Rationalising TDS / TCS
--Limit for tax deduction on interest for senior citizens to be doubled from ₹50,000 to ₹1 lakh
--Annual limit for TDS on rent to be increased from ₹2.40 lakh to ₹6 lakh
--Threshold to collect tax at source on remittances under RBI’s Liberalized Remittance Scheme to be raised from ₹7 lakh to ₹10 lakh
Mitali
(Finance Professional)
(15982 Points)
Replied 01 February 2025
The deadline to file updated tax returns has been extended from 2 years to 4 years.#UnionBudget2025
Mita Basak
(Professional)
(1962 Points)
Replied 01 February 2025
Tax Reforms to Improve Ease of Doing Business
Scheme to be introduced for determining arm's length price of international transaction for a block period of three years, to streamline transfer pricing and to provide an alternative to yearly examination
Tax exemption to be provided on withdrawals made from National Savings Scheme by individuals on or after 29th August, 2024
Mitali
(Finance Professional)
(15982 Points)
Replied 01 February 2025
No income tax payable up to 12 lakh under new income tax regime.#Finance Minister Nirmala Sitharaman.
Mita Basak
(Professional)
(1962 Points)
Replied 01 February 2025
Zero Income Tax till ₹12 Lakh Income under New Tax Regime
Slabs and rates being changed across the board to benefit all tax-payers
New structure to substantially reduce taxes of middle class and leave more money in their hands, boosting household consumption, savings and investment
‘Nil tax’ slab up to ₹12.00 lakh (₹12.75 lakh for salaried tax payers with standard deduction of ₹75,000)
Mita Basak
(Professional)
(1962 Points)
Replied 01 February 2025
#UnionBudget2025 aims to initiate transformative reforms across six domains. During the next five years, these will augment our growth potential and global competitiveness.
*Taxation
*Power Sector
*Urban Development
*Mining
*Financial Sector
*Regulatory Reforms
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
CAclubindia
