Income tax returns for the years 2024-2025 Budget news: Union Finance Minister Nirmala Sitharaman, presenting the interim budget on Thursday, stated that no changes will be made in the tax system and suggested maintaining the current percentages of direct and indirect taxes, e.g. import duties. According to the Union Finance Minister, the average compensation period has come down from 93 days in 2013-2014 to 10 days last year. He went on to say that the number of people and average real incomes increased by 50 percent.

However, Sitharaman helped his 2024-25 taxpayers in the mid-year budget by removing a significant portion of outstanding small direct tax claims. andquot;There are many small, unaudited, uncoordinated or disputed direct tax claims, many of which date back to 1962, that are still on the books, causing anxiety among honest taxpayers and preventing returns for later years, andquot; stated the Minister of Finance in his speech. I propose to waive all outstanding direct taxes up to Rs 25,000 (₹25,000) in the tax year 2009-10 and up to ten thousand rupees (₹10,000) in the tax year 2010-11 in the financial year 2014-15. It is expected to help around one million taxpayers.

To help the middle class, Nirmala Sitharaman filed five major income tax returns during the last fiscal. He added that although taxpayers have the option to remove the old tax system, the default would be the new one. Sitharaman suggested introducing a new tax system and raising the discount limit from 5,000 to 7,000 rupees. Thus, a person who has decided to adopt the new tax system will not be liable for tax up to an annual income of 7,000 rubles.

Major changes have not always been taken into account by interim budgets. In addition to giving farmers subsidies and providing pension coverage for workers in the unorganised sector, former Finance Minister Piyush Goyal suggested raising the standard deduction and the threshold for tax withheld at source in 2019. Five years prior, in 2014, P Chidambaramand#039;s interim budget had promised tax breaks for cell phones and a reduction in excise taxes on SUVs, motorbikes, scooters, and small and mid-sized automobiles in addition to large and mid-segment cars.Parliamentand#039;s budget session began on January 31 and will run through February 9. The new government is anticipated to propose the entire budget in July, following the Lok Sabha elections, which are anticipated to take place in April or May.