Budget 2025 expectations highlights: Income tax changes, new sectoral policies
Budget 2025 expectations highlights: The Union Budget 2025, which will be the second full budget of Modi 3.0, is expected to be presented by Finance Minister Nirmala Sitharaman in Parliament at 11 am on Saturday, February 1, 2025, marking her eighth consecutive presentation of a Union Budget. This also makes her the first Finance Minister to present eight union budgets in a row. The previous record was held by Morarji Desai who presented six consecutive budgets....Read More
The Budget 2025 is expected to have an increased focus on the agriculture sector with some tax reforms potentially taking place, such as the old tax regime getting phased out and introduction of zero income tax for those earning less than ₹10 lakh per annum.
Balancing between fiscal consolidation and economic growth will be another prominent theme due to rising inflation figures.
This blog details the Indian industry's expectations from the new budget.
Budget 2025 expectations LIVE updates: Simpler regulations, single window clearances and digitization of compliances expected, Core Integra MD says
Budget 2025 expectations LIVE updates: Mahesh Krishnamoorthy, Managing Director of Core Integra said, "As we approach the Union Budget 2025, the business community expects simplification of regulations, lesser penal provisions, single window clearances and digitalization of compliances. This will not only enable ease of complying but bring higher transparency and better governance. One of the key expectations is the implementation of the new labour codes which will bring about a significant transformation in the manner in which labour law compliances are done today. Not only will it consolidate and simplify the regulations but ensure better adherence. It would also pave way for integrated platforms for digital submissions. It is anticipated that the budget will mention at least a phased roll out starting with the Code on Wages and Social Security. The new Wage code will also take care of benefits and better governance of the unstructured workforce thereby fostering collaborative and resilient business environment as we moved towards a GDP of USD 5 trillion.
From the industry perspective, the expectations would be to initiate steps towards simplification of labour laws, digitalization of compliances and enhanced transparency in licensing and registration processes. From an individual’s perspective, the expectations would include lesser complexity in direct tax slab rates, eliminate surcharge & cess, increase in the sec. 80 C limits, higher housing loan interest benefit under sec. 24 and exclusion of housing loan principal, stamp duty and registration expenses from sec. 80C to an independent benefit section. It would also be a positive move if the Budget announces some additional benefits or concessions to tax payers."
