For weeks, expectations have been building—tax cuts, exemptions, new policies. Now, it’s time to see what the government has planned and how it will shape the economy.
Tomorrow is Budget Day, and we know you’ll have questions! We’ll be live, sharing budget updates and answering all your tax-related queries here.
Ask us anything, let’s discuss.
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@shraddha Thanks for tagging. All these years I have only one thing ie How else we can take advantage of the tax except 80c/80d? 
Which sectors do you think will likely be in focus (+ve/-ve) ? Ofcourse we will know soon in a matter of hours.
Hey @Rajashekhar_Rangappa There are various other tax exemptions a taxpayer can claim. Couple of them are as below:
Thank you!
Adding to this
The loan must be sanctioned anytime during the period starting from 1 April 2019 till 31 March 2023. This is specially available for electric vehicles purchases.
No questions. Welcome tax relief for the middle class.
The budget was announced today, and there are several key reforms in income tax that will affect individuals. Here’s a breakdown of the major updates:
New Income Tax Bill: A new income-tax bill is in the works to replace the existing Income Tax Act. The aim is to make tax laws clearer and more accessible, reducing the chances of litigation.
Revised tax slabs
Increased Tax Rebate: The income threshold for the rebate has been raised from ₹7 lakhs to ₹12 lakhs. This means individuals earning up to ₹12L will now pay zero taxes.
This rebate is only applicable to income taxed at slab rates, not on special rate income like capital gains.
TDS Updates:
The threshold for TCS on foreign remittances under the LRS scheme has increased from ₹7 lakh to ₹10 lakh.
TCS will no longer apply on money sent abroad for education if the payment is made via a loan from a specified financial institution.
More Time for Updated Returns: You now have more time to file updated returns — the limit has been extended from 2 years to 4 years.
NSS Exemption for Senior Citizens: Withdrawals from the National Savings Scheme (NSS) will be exempt from tax starting from August 29, 2024.
Stay tuned for more updates, and feel free to drop any questions below!
Why not simply set the tax rate for the 0 to 12 lakh bracket at 0% and eliminate all these confusions around rebates and deductions?
Are there any issues that an accountant might see with this easy
approach?
Where is Mutual fund pledging…??
if any salaried person is earning lets say 13L -
In your proposal, there will be only taxable income of 1L rupees which will only give tax of 15-20k
But with the current scenario: on income of 13L, total tax comes out to be around 70-75k
See this huge amount of tax difference.
By implementing your proposal, government will lose out 55-60k per salaried person.
Income tax should actually be abolished.
Hi @Brishide,
If you have an income of up to ₹12L, you get a 100% tax rebate, which means you don’t have to pay any tax. However, the slabs exist for those earning more than ₹12L, in which case the rebate is no longer given. And, the tax will be calculated as per the slab rates.
Say, for someone earning ₹14L, the tax liability will be calculated as per the slabs,
Hope this clarifies your doubts.
We published a YouTube video covering all the amendments announced in Union Budget 2025.
