New Income Tax Act among Other Expectations of Budget 2025

Taxpayers and industry experts are anticipating the introduction of a new Income Tax Act in the upcoming 2025 Union Budget. The proposed changes are expected to simplify the tax structure, make compliance easier, and improve the overall tax administration system. Key expectations include the reduction of tax slabs, more exemptions, and incentives for specific sectors such as startups and green technologies. Tax experts also hope for clearer guidelines regarding taxation of digital income and international transactions. The introduction of a new Income Tax Act is seen as a step toward modernizing the tax system and boosting investor confidence.