{"id":25932,"date":"2024-02-02T18:37:05","date_gmt":"2024-02-02T13:07:05","guid":{"rendered":"https:\/\/www.kanakkupillai.com\/new-learn?p=25932"},"modified":"2026-01-30T10:52:13","modified_gmt":"2026-01-30T05:22:13","slug":"budget-2024-amendments-proposed-under-direct-tax","status":"publish","type":"post","link":"https:\/\/www.kanakkupillai.com\/learn\/budget-2024-amendments-proposed-under-direct-tax\/","title":{"rendered":"Budget 2025: Amendments Proposed Under Direct Tax"},"content":{"rendered":"

The Amendments Proposed Under The Union Budget Plan 2025-2026 Related To Income Tax<\/a> Are As Per The Following:<\/strong><\/p>\n

On February 1, 2025, at 11 am in Parliament, Nirmala Sitharaman, the Union Finance Minister, introduced the Break Financial plan for 2025-26.<\/p>\n

This is the sixth consecutive budget presentation in a row. The central minister tabled the Finance Bill 2025 with necessary changes to the laws.<\/p>\n

The Finance Bill serves as a legislative tool for the Government to propose new taxes, adjust prevailing tax frameworks, or extend the existing tax structure beyond the initial approval granted by Parliament. Parliament seeks approval on an annual basis, and upon sanction, the Finance Bill transitions into the enacted legislation known as the Finance Act.<\/p>\n

Tax rates have recently been lowered and rationalized by the Government. Taxpayers who earn less than Rs. 7 lakhs are exempt from tax under the new system. This limit has been expanded from \u20b9 2.2 lakh in the monetary year 2013-14. The edge for possible tax assessment for retail organizations has expanded from \u20b9 2 crore to \u20b9 3 crore. Furthermore, the limit for experts qualified for possible tax assessment has been raised from \u20b9 50 lakh to \u20b9 75 lakh. Also, the corporate duty rate has been diminished from 30% to 22% for existing homegrown organizations and to 15% for specific new assembling organizations.<\/p>\n

New Regime Tax Slabs 2025<\/h2>\n\n\n\n\n\n\n\n\n\n
TOTAL INCOME (Rs)<\/strong><\/td>\nRATE (Percent)<\/strong><\/td>\n<\/tr>\n
Up to 3,00,000<\/td>\nNil<\/td>\n<\/tr>\n
From 3,00,001 to 6,00,000<\/td>\n5<\/td>\n<\/tr>\n
From 6,00,001 to 9,00,000<\/td>\n10<\/td>\n<\/tr>\n
From 9,00,001 to 12,00,000<\/td>\n15<\/td>\n<\/tr>\n
From 12,00,001 to 15,00,000<\/td>\n20<\/td>\n<\/tr>\n
Above 15,00,000<\/td>\n30<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Old Regime Tax Slabs<\/h2>\n\n\n\n\n\n\n\n
TOTAL INCOME (Rs)<\/strong><\/td>\nRATE (Percent)<\/strong><\/td>\n<\/tr>\n
Up to 2,50,000<\/td>\nNil<\/td>\n<\/tr>\n
From 2,50,001 to 5,00,000<\/td>\n5<\/td>\n<\/tr>\n
From 5,00,001 to 10,00,000<\/td>\n20<\/td>\n<\/tr>\n
Above 10,00,000<\/td>\n30<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Common IT Return Form<\/h2>\n

For the assessment year (AY) 2025\u20132026, the Income Tax Department has issued ITR forms 1 and 4, which individuals and businesses can file with annual total incomes of up to 50 lakhs.<\/p>\n

When Are ITR Forms Notified?<\/h2>\n

The department typically notifies the ITR structure before the beginning of the resulting appraisal year, for example, in February or March. Taxpayers will have more time to spend extended periods with the changes, gather the necessary documentation, and file their returns with greater precision due to the unexpectedly early release, which deviates from the established timeline.<\/p>\n

ITR<\/strong> Form 1<\/strong><\/h3>\n

ITR Form 1<\/a> (Sahaj) caters to many small and medium taxpayers.<\/strong><\/p>\n

Sahaj can be recorded by an inhabitant with a pay of up to \u20b950 lakh who gets pay from pay, one-house property, different sources (interest), and horticultural pay of up to \u20b95,000.<\/p>\n

ITR Form 4<\/strong><\/h3>\n

ITR Form 4 (Sugam)<\/a> is a more straightforward form that caters to many small and medium taxpayers.<\/strong>\u00a0Sugam can be filed by residents, HUFs, and businesses (other than Limited Liability Partnerships (LLPs)) with a total income of up to 50 lakh rupees and earnings from business and profession.<\/p>\n

Income Tax Return Filing 2025: Three Key Changes to Note in ITR Form 1 And Form 4<\/h2>\n

For the assessment year (AY) 2025\u20132026, the Income Tax Department has issued ITR forms 1 and 4, which individuals and businesses can file with annual total incomes of up to 50 lakhs.<\/p>\n

\u201cChanges presented in new ITR structures 1 and 4 told for Evaluation Year 2025-26. Astounding citizens with a surprising and welcome motion, the CBDT filled the role of an early Santa Claus this year by uncovering the Income Tax Return<\/a> (ITR) Forms 1 and 4 for the Assessment Year 2025-26. These ITR Forms will be pertinent for documenting annual expense forms for money procured during the earlier year 2023-25 (between 01-04-2023 to 31-03-2025),\u201d said Naveen Wadhwa, VP Research, Taxman.<\/p>\n

Fundamental Changes in the New ITR Form 1, Form 4<\/h2>\n