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90 Lakhs filed updated returns Now you can file Income Tax Returns for past 4 years in ITR U #Budget2025
*Many people are getting confused as to why NIL tax upto Rs. 12 lakhs in NEW REGIME!* Received many messages! Please note that Revised Income Tax Slabs under the New Regime are: ₹0 – ₹4 lakh → Nil ₹4 – ₹8 lakh → 5% ₹8 – ₹12 lakh → 10% ₹12 – ₹16 lakh → 15% ₹16 – ₹20 lakh → 20% ₹20 – ₹24 lakh → 25% Above ₹24 lakh → 30% Taxpayers earning up to ₹12 lakh (other than SPECIAL RATE INCOME SUCH AS CAPITAL GAINS) will pay zero tax under the new tax regime due to enhanced 87A Rebate of Rs. 60,000/-
*New Tax Regime – Slab Rates* 🔹 Income up to ₹12,00,000 – No Tax 🔹 *For Income Exceeding ₹12,00,000:* ₹4,00,001 to ₹8,00,000 – 5% ₹8,00,001 to ₹12,00,000 – 10% ₹12,00,001 to ₹16,00,000 – 15% ₹16,00,001 to ₹20,00,000 – 20% ₹20,00,001 to ₹24,00,000 – 25% Above ₹24,00,000 – 30% 📊 Tax Calculation Example: 1. Income = ₹12,00,000 → No Tax 2. Income = ₹13,00,000 (*After Standard Deduction*) Tax Calculation: ₹4,00,000 @ 5% = ₹20,000 ₹4,00,000 @ 10% = ₹40,000 ₹1,00,000 @ 15% = ₹15,000 Total Tax = ₹75,000
TDS on Rent Limit Increased from 2,40,000 to 6,00,000 #Budget2025
Slab Rates in the New Tax Regime will be as below Total Income - Tax Rate Up to 12,00,000 - Nil 4,00,001 to 8,00,000 - 5% 8,00,001 to 12,00,000 - 10% 12,00,001 to 16,00,000 - 15% 16,00,001 to 20,00,000 - 20% 20,00,001 to 24,00,000 - 25% Above 24,00,000 - 30% #Budget2025 #TaxationUpdates
*Here is a breakdown of tax increases and decreases in the Budget 2025-26:* 📉 Tax Decreases (Relief Measures) 1️⃣ Personal Income Tax Reduction ✅ New tax slabs for individuals (New Regime) No tax up to ₹12 lakh (₹12.75 lakh for salaried taxpayers after deductions). New Tax Slabs:₹0-4 lakh → 0% ₹4-8 lakh → 5% ₹8-12 lakh → 10% ₹12-16 lakh → 15% ₹16-20 lakh → 20% ₹20-24 lakh → 25% Above ₹24 lakh → 30% 📝 Impact: Significant tax savings for the middle class. ✅ TDS & TCS Reductions Section 194LBC (Income from securitization trust)Before: 25% (Individual/HUF) & 30% (Others) Now: Reduced to 10% Timber & Forest Produce TCS reduced from 2.5% to 2%. Liberalized Remittance Scheme (LRS) TCS on education loans removed. ✅ Corporate & Business Tax Benefits Presumptive Taxation for Electronics Manufacturing: A simplified tax regime introduced for foreign companies supporting electronics manufacturing. Tonnage Tax for Inland Vessels: Now available for inland ships, reducing their tax burden. Startups (Section 80-IAC):Tax benefits extended for startups incorporated before April 1, 2030. Investment Date Extension for Sovereign & Pension Funds: Extended to March 31, 2030 for investments in infrastructure. ✅ Customs Duty Reductions Leather Export Duty (Crust Leather - Hides & Skins) removed (was 20%). Lab-Grown Diamond Seed Imports: Import duty exemption continued. Export of Handicrafts: Duty-free export time increased from 6 months to 1 year. ✅ Crypto & Digital Asset Compliance Simplified Reporting for Virtual Digital Assets (VDA) (Crypto transactions) has been clarified to remove tax ambiguity. ✅ Charitable Trusts & Institutions Registration period extended from 5 years to 10 years for small charitable institutions, reducing compliance costs. 📈 Tax Increases (New Burdens) 1️⃣ Customs & Import Duty Increases ❌ Textile Sector Import duty on knitted fabrics increased to 20% or ₹115/kg, whichever is higher. ❌ Electronics & Consumer Goods Interactive Flat Panel Display import duty increased from 10% to 20%. Import Duty on High-End Watches & Luxury Goods Increased (exact percentage not specified in budget speech). ❌ Personal Use Imports (Luggage & Baggage) BCD (Basic Customs Duty) on baggage items remains high at 35%. 2️⃣ Capital Gains Tax & Securities Taxation ❌ Tax Parity for Non-Residents on Securities Transfer Non-residents will now be taxed at the same capital gains rate as residents, removing previous tax advantages. 3️⃣ Indirect Tax & Trade Restrictions ❌ Compliance Burden for Crypto Holders Mandatory reporting for crypto-asset transactions in certain cases. 📌 Key Takeaways ✅ Who Benefits from Tax Reductions? Middle-Class Earners: No tax up to ₹12 lakh. MSMEs & Startups: Lower tax on businesses & electronic manufacturers. Exporters: Lower duties on leather, lab-grown diamonds, and handicrafts. ❌ Who Faces Higher Taxes? Luxury Imports: Higher taxes on watches, electronics, and textiles. Non-Resident Investors: Equal capital gains tax treatment for foreign vs domestic investors. 📊More tax relief for individuals & businesses, but higher import duties on luxury goods & select electronics.