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Mahakumbh at the Parliament! Union Finance Budget 2025
THE INSURANCE TIMES
|March 2025
The telecommunications industry is undergoing rapid transformation, driven by technological advancements and evolving consumer demands. As the industry adapts, a significant opportunity lies in partnering with Insurtech companies to offer innovative insurance products.
The Honourable Finance Minister created ripples throughout our country by presenting a highly favourable Union Budget for 2025for the vast middle income group of India in the Parliament on February 1 2025.
For the Tax Payers in general
No tax on income upto Rs 12 lacs. With the standard deduction of Rs 75000- increased from the last year's Rs 50000- salaried remain tax free upto Rs 12.75 lacs. Rebate of Rs 60000 and tax slab changes will result in savings upto Rs 1.1 lac.
Updated Returns can be filed upto 48 months from end of assessment year- increased from the present 2 years.
No deemed rent for two self-occupied house properties.
Threshold for TCS on overseas remittances raised to Rs 10 lacs. No TCS on remittances for education from loan.
TDS on house rent to apply only beyond Rs 6 lacs a year against earlier Rs 2.4 lacs.
For Senior citizens withdrawals from NSS Accounts post August 29 2024 to be tax exempt.
New Tax Rates-
Rs 0-4 lacs- Nil.
Rs 4-8 lacs- 5%
Rs 8-12 lacs- 10%
Rs 12-16 lacs- 15%
Rs 16-20 lacs-20%
Rs 20-24 lacs-25%
Above Rs 24 lacs-30%
Under the new tax regime, individuals earning a taxable income of Rs 25 lacs can save as much as Rs 110000 in taxes. No basic Customs duty on 36 life saving drugs for cancer and other rare diseases.
This story is from the March 2025 edition of THE INSURANCE TIMES.
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