Budget 2025-26: Towards Tax Reforms

  • The Union Budget 2025-26 introduces major tax reforms to simplify compliance and boost economic growth.
  • Personal income tax slabs restructured, reducing tax liability for individuals earning up to Rs. 12 lakh per annum.
  • The deadline for filing updated income tax returns extended from 24 months to 48 months, easing compliance.
  • Tax benefits for startups extended until April 1, 2030, fostering innovation and entrepreneurship.
  • A new tonnage tax scheme introduced to support Indian shipping companies and enhance maritime capacity.
  • Presumptive taxation for service providers in electronic manufacturing provides greater tax clarity for NRIs.
  • TDS and TCS provisions rationalized to streamline processes for businesses and individuals.
  • Small charitable trusts ....
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