Budget 2024-25: Major Direct and Income Tax Changes announced in Budget Speech

In the Union Budget 2024-25, significant changes were announced in direct and income tax policies. Key updates include the introduction of a new simplified tax regime with reduced rates, enhancing compliance for taxpayers. The government plans to integrate advanced technology for tax administration, aiming to ease the filing process and improve accuracy. There are also provisions for increased deductions for specific sectors and streamlined procedures for tax appeals and disputes. Measures to bolster digital infrastructure in tax collection and reporting are highlighted, along with updates to tax norms for high-income earners and corporate entities.