The Union Budget 2025 will be presented on Feb. 1. (Photo source: NDTV Profit/ Canva)
1 year ago
Jan 21, 2025
Given that startups will soon aid India's GDP growth, the government must look at simplifying taxation of employee stock ownership plan in the upcoming Budget, Mobikwik's Chief Financial Officer and Co-Founder, Upasana Taku, said. The Union Budget 2025 should raise the income tax exemption threshold to Rs 5.7 lakh to match inflation, simplify TDS system, and equalise tax treatment for bank deposits and equities, think tank Global Trade Research Initiative suggested.
Ahead of Budget 2025, the government should focus on reduction in tax on gains on bank deposits, adjusting income tax exemption limits and raising fixed deductions to keep in pace with inflation, according to former Central Board of Direct Taxes Chairman JB Mohapatra.
Mohapatra, in a report for Global Trade Research Initiative, gave four key reforms for a more efficient tax structure, including simplifying the TDS system and classifying Futures and Options as speculative activity. Here is a look at the reforms he proposed.
The Union Budget 2025 should raise the income tax exemption threshold to Rs 5.7 lakh to match inflation, simplify TDS system, and equalise tax treatment for bank deposits and equities, think tank Global Trade Research Initiative suggested.
GTRI said inflation-indexed tax slabs and exemptions would ensure that the real value of these benefits remains constant, protecting the purchasing power of taxpayers.
Ahead of the Union Budget 2025, the healthcare industry expects the government to come up with several key decisions to boost growth and research in the sector.
Making healthcare more accessible and affordable, mandatory accreditation of testing laboratories, reduction in GST and incentivising research and development (R&D) are some of the key factors on the budget wishlist of the healthcare industry players.
