Advertisement
trendingNowenglish2849851https://zeenews.india.com/economy/live-updates/budget-2025-expectations-live-updates-personal-finance-income-tax-slab-for-salaried-employees-railway-stock-market-education-salaried-taxpayers-fm-nirmala-sitharaman-union-budget-latest-news-2849851.html

Budget 2025 Expectations Live Updates: Simplify Tax Structure To Ease ITR Filers Old Vs New Tax Regimes Dilemma

The Budget documents will be available on the Mobile App after the completion of the Budget Speech by the Finance Minister in Parliament on 1st February, 2025.

LIVE Blog

New Delhi: Finance Minister Nirmala Sitharaman is all set to present the Union Budget 2025-26 in Parliament on 1 February 2025.

The Budget documents will be available on the Mobile App after the completion of the Budget Speech by the Finance Minister in Parliament on 1st February, 2025.

Mild cuts in personal Income Tax rates is expected to be announced in Budget 2025, believe analysts.

“We will watch for some sweeteners in personal tax rates, concessional corporate tax scheme for manufacturing hubs/FDIs, possibly higher import tariffs on China-sensitive products, while lowering custom duties on industrial intermediaries,” Emkay Global Financial Services states in its latest report

The upcoming Budget will come on the back of the government again overachieving its gross fiscal deficit target in FY25 at 4.7 per cent of the GDP vs 4.9 per cent in FY25 (RE) amid solid personal Income Tax revenue stream.

Stay Tuned With Zee News For Live Updates On Budget Expectations

30 January 2025
20:03 IST

Budget 2025 Expectations Live Updates: Bolstering R&D to Drive Innovation and Supporting Startups

“The ₹10,300 crore allocation for the India AI Mission in March 2024 signaled India's commitment to AI at a crucial time. With AI projected to contribute $15.7 trillion to the global economy by 2030, the upcoming Union Budget 2025-26 must prioritize key areas to maximize Maharashtra’s potential. We believe this budget should focus on four pillars: first, bolstering R&D to drive innovation; second, providing financial support to empower startups and emerging businesses; third, advancing training and skill development to create a future-ready workforce; and fourth, enhancing digital infrastructure, including focused tech parks in strategic locations to attract and retain talent, while ensuring data privacy and extending digital outreach to Tier 2 and 3 cities for inclusive growth", said Naiyya Saggi, Spokesperson, Tech Entrepreneurs Association of Mumbai (TEAM).

19:18 IST

Budget 2025 Expectations Live Updates: Critical Tax Reforms to Propel Manufacturing and Startups 

"Firstly, reinstating the concessional corporate tax rate of 15% under Section 115BAB— which expired in March 2024—is crucial for driving new manufacturing investments. Industries such as semiconductors, electric vehicles (EVs), and data centers would greatly benefit from this extension, attracting capital inflows and fostering innovation. Additionally, extending this incentive to Global Capability Centres (GCCs) could further stimulate job creation in technology and services, contributing to broader economic growth”, says Devan Gupta, Audit and Direct Tax Partner, Cretum Advisory.

 

12:42 IST

Budget 2025 Expectations Live Updates: Simplify Tax Structure To Ease ITR Filers Dilemma

"The introduction of two tax regimes - Old Tax Regime (OTR) and New Tax Regime (NTR) - was intended to offer taxpayers flexibility, allowing them to choose the system that best suits their investments, savings habits, and preferences. However, the reality has been far more complex. Many taxpayers find themselves confused between the two regimes, often reassessing their choice not only during the year but also while filing their tax returns. In light of these complexities, the upcoming Budget should focus on simplifying the tax structure for individual taxpayers by consolidating the current dual regimes into a single, cohesive tax framework. While this shift may take time, it is anticipated that the OTR may eventually be phased out, with its abolition ideally scheduled for FY 2026-27 to provide ample time for taxpayers, employers, and financial institutions to adjust," said Deepashree Shetty, Partner, Global Employer Services, Tax & Regulatory Services, BDO India.

13:30 IST

Budget 2025 Expectations Live Updates: Revert LTCG To 10%

Devam Sardana, Business Head, Lemonn said, "In the last budget, there was a dual impact of STT increase and LTCG increase (on listed shares) on the users with an increase in trading costs as well as impact on profitability of the users. Given that the revenue generation would have significantly increased with STT, this can potentially be used to revert the LTCG to 10% in order to ensure even higher market participation and incentivise long-term investment which is critical for the users and the capital market stability. This can also address reduction in the flight of capital from India towards global markets and potentially contribute to rupee appreciation as well." 

12:30 IST

Budget 2025 Expectations Live Updates: Reduce LTCG tax on equities from 12.5% to 10% 

Manish Bhandari, CEO and Portfolio Manager at Vallum Capital Advisors said, ""Reducing the LTCG tax on equities from 12.5% to 10% would leave an additional 2.5% of gains in investors' hands as investable capital. This surplus capital is likely to be reinvested in the market, enhancing liquidity and deepening market penetration. Similarly, reintroducing indexation benefits for debt mutual funds would ensure that investors are taxed only on real gains, making long-term investments in debt markets more attractive. These changes align with global best practices and can create a virtuous cycle—encouraging more retail and institutional participation, strengthening capital markets, and driving sustainable long-term growth."

12:28 IST

Budget 2025 Expectations Live Updates: Universal Digital Insurance Accounts

Jude Gomes, MD & CEO, Ageas Federal Life Insurance said, "Establishing a government-backed Digital Insurance Repository System to store and manage all insurance policies on a single platform can simplify claims processing and policy management, improving transparency and trust."

11:16 IST

Budget 2025 Expectations Live Updates: Fund more states to develop tourism centres 

Nishant Pitti, Chairman of EaseMyTrip said, "Continuing the stride of spiritual and domestic tourism through schemes like PRASHAD, Dheko Apna Desh, Swadesh Darshan 2.0, and more, we expect the government to fund more states to develop tourism centres and encourage travellers to travel to India. Abolishing the categorical implementation of 18% on a certain standard of rooms will help maintain good number of inbound tourists, as well as deduction of taxes at the manufacturing level of the travel industry will help improve an overall economy flow and make travel a better experience

11:16 IST

Budget 2025 Expectations Live Updates: GST on financial services offered at Banking Agent outlets 

Dilip Modi, Founder & CEO, Spice Money said, "Reduction or waiver of GST on financial services offered at Banking Agent outlets would significantly ease the financial burden on these grassroots operators, encouraging broader participation in rural banking. Beyond inclusion, the objective must evolve toward empowering rural communities with tools for savings, investments, and financial growth, fostering a self-reliant Bharat."

14:59 IST

Budget Expectations Live Update: Give Benefit to MSMEs through PLI scheme 

Madan Sabnavis, Chief Economist at Bank of Baroda said, "We do believe that the starting point of the budget will be the fiscal deficit and efforts will be made to lower the ratio by 0.5% to probably close to 4.3-4.4% of GDP for FY26. Within this framework, the budget would work to maintain, if not increase capex, in the range of Rs 11 lakh crore that will provide a fillip to investment (the revised estimate for FY25 could be lower than what was projected). Benefits for MSMEs and industry are also expected through the PLI scheme with probably a special dispensation for the former."

14:57 IST

Budget Expectations Live Update: Focus on more inclusive and dynamic MSME ecosystem

Shaji Varghese, CEO, Muthoot FinCorp Limited (MFL) said, "We are optimistic about the government’s commitment to banking the underbanked and unbanked, including nano and micro enterprises. With the e-commerce boom, mom and pop stores need adequate measures and support from the government to grow and thrive, and I hope the budget will address their credit requirements for trade modernisation that will empower them to stay relevant and competitive in the market."

14:03 IST

Budget Expectations Live Update: Focus on digital payments to strengthening financial inclusion

Nalin Negi, CEO, BharatPe said, "As we gear up for the Union Budget, we are optimistic about the government’s continued focus on promoting digital payments and strengthening financial inclusion. We hope this Budget will aim to address key areas such as easing regulatory frameworks, incentivizing digital adoption, and boosting credit access for MSMEs. Such steps will ensure that fintech remains a catalyst for India’s growth story and pave the way for a truly inclusive economy."

14:03 IST

Budget Expectations Live Update: Tax incentives to encourage private sector spending

Puneet Singhania, Director at Master Trust Group said, "On the tax front, continuity would be important. Significant alterations in Securities Transaction Tax or Long-Term Capital Gains Tax would not be contemplated, as maintaining consistency in policymaking is crucial for regaining the confidence of investors during times of economic risks. Tax incentives and measures meant to encourage private sector spending, such as factory development incentives in affordable housing zones, would inject further muscle into the consumption sector."

13:55 IST

Budget Expectations Live Update: Simplify IPO listing procedures 

Tarun Singh, Founder and Managing Director of Highbrow Securities said, "Enhancing credit accessibility and simplifying IPO listing procedures will offer vital support. Furthermore, by introducing targeted interest subvention schemes, the government can significantly reduce operational costs. Together, these measures will strengthen the global competitiveness of our MSMEs, ensuring they continue to thrive and grow. Consider the expectations of various industry sectors, such as the automotive industry, which is looking for funding and incentives for EV infrastructure, service centers, and tax credits for green technology."

11:15 IST

Budget Expectations Live Update: Reduce TDS On VDA

Ashish Singhal, Co-founder, CoinSwitch said, “We recommend reducing the Tax Deducted at Source (TDS) on VDA transactions from 1% to 0.01% and raising the TDS threshold from INR 10,000/50,000 to INR 5,00,000. These measures would ease compliance, protect small investors, and enhance market transparency while ensuring effective transaction tracking and boosting tax revenues. Additionally, aligning VDA taxation with other asset classes by allowing loss offsets and carry-forwards under capital gains provisions would ensure fairness and encourage innovation”

10:48 IST

Budget Expectations Live Update: Incentivise Battery Energy Storage Systems 

Gul Basantani, Partner- Government, Infrastructure and Development Sector Advisory Services, Forvis Mazars in India said, "The Union Budget 2025 is anticipated to prioritise India’s transition to a sustainable energy future by boosting investments in renewable energy infrastructure, green financing, and emerging technologies like green hydrogen. Measures to ease financial barriers to rooftop solar adoption, strengthen the National Solar Portal, and incentivise battery energy storage systems are expected to drive growth. Enhanced support for electric mobility and sustainable aviation fuels could further align India with its Net-Zero ambitions. Additionally, expanded tax incentives for green debt securities and clear policies for carbon markets are likely to attract investments, driving progress towards achieving India’s renewable energy capacity target and Net Zero target”.

10:47 IST

Budget Expectations Live Update: Give Clear Guidelines For Offsetting Gains Against VDA  

Vedant, co-founder of UvolveX said, "The taxation of Virtual Digital Assets (VDAs) in India, introduced in the 2022 Budget, currently imposes a 30% tax on profits, with no deductions other than the cost of acquisition. Additionally, a 1% TDS is levied on transactions exceeding specific thresholds. While these measures have brought some regulatory clarity, ambiguity persists regarding the tax treatment of losses. Currently, losses from VDAs cannot be offset against gains from other income sources or even against gains from other VDAs. This lack of clarity disincentivizes participation and creates compliance challenges. The upcoming budget is expected to address this by providing clear guidelines on the offsetting of losses, enabling a fair and balanced framework for VDA taxation while fostering growth in this emerging sector.

10:45 IST

Budget Expectations Live Update: Give Tax Rebate For EVs

Sandeep Aggarwal, Founder & CEO of Droom said, "We would like the budget to give a boost to the used vehicle market in the country; this includes tax rebates for EVs, simplified GST structure for automatic services etc. Such measures will enable a platform like Droom to provide more convenience & transparency, thus invoking deeper trust amongst the users and contribute in meaningful ways to India’s overall economic growth and development."

10:41 IST

Budget Expectations Live Update: Simplify GST Rates

Balasubramanian A, Senior VP and Business Head at TeamLease said, "India's retail and e-commerce sectors would seek Budget 2025 to simplify GST rates, support digital adoption, and invest in logistics infrastructure."

10:40 IST

Budget Expectations Live Update: Tax Rebate On Cleaner Technology

Rajesh Gupta, Founder & Director, Recyclekaro said, "The Union Budget 2025 is a pivotal opportunity to accelerate India’s renewable energy transition. We look forward to policies and tax rebates that promote innovation in clean energy technologies, enhance incentives for solar, wind, and energy storage solutions, and support the domestic manufacturing of green infrastructure. Simplifying regulatory frameworks and increasing investments in renewable energy R&D and grid integration can further solidify India’s position as a global renewable energy leader."

 

10:34 IST

Budget Expectations Live Update: More Funds Sought For Infra Sector 

Diwakar Rana, Fund Manager - PMS at Prudent Equity said, "Urban demand has been on a downward trend for five consecutive quarters, with middle and lower-income households cutting back on spending, even on essential items. High food inflation is also impacting consumers in rural and semi-urban regions. The upcoming Budget should prioritize reducing the tax burden on salaried individuals and MSMEs to encourage higher consumption and investment. The government has placed significant focus on the infrastructure sector, and we would like to see further allocations in this area. Railways, roads, highways, along with water desalination and sewage treatment plants, should remain key priorities in the budget."

10:29 IST

Budget Expectations 2025 Live Updates: Access To Affordable Financing

Pavan Kumar, Founder and CEO, White Lotus Group said, "{C}

Focusing on conscious housing and sustainable development incentives will encourage eco-friendly practices, ensuring India stays aligned with global sustainability standards. Additionally, simplifying the approval process through single-window systems and improving access to affordable financing will enhance project efficiency and ensure timely completions. Revisiting GST rates on under-construction properties would boost demand, particularly in the high-end and luxury segments."

Stay informed on all the latest news, real-time breaking news updates, and follow all the important headlines in india news and world News on Zee News.

NEWS ON ONE CLICK