budget 2025 income tax expectations

The move is aimed at making Indian debt markets more attractive to overseas investors while helping shield the economy from the effects of the continuing Iran conflict.

Provisional data from the Controller General of Accounts indicates the Centre met its 4.4% of GDP fiscal deficit target for 2025-26, an improvement from the previous year's 4.8%. Government revenue reached 98.8% of revised estimates, while total expenditure also stood at 98.8% of the revised target for the financial year.

Many salaried taxpayers are already gearing up to submit their returns, hoping to finish the process early, receive refunds sooner or avoid the usual rush closer to the deadline. But before rushing to file, there is one crucial question taxpayers should consider.

Experts believe that the RBI’s record surplus transfer will offer only partial support to the government’s strained fiscal position amid the continuing crisis in West Asia.

Reporting income/assets etc. in the ITR should be matched with Annual Information Statement (AIS). As through system checks and reconciliation runs, using technology for ITR processing might trigger even small gaps, errors or incorrect claims and may lead to prompt questions.

India’s balance of payments may see a third consecutive year of deficit, and the rising crude oil prices are threatening to expand the current account deficit. So what’s the solution to the problem?

Reports suggest that PM Narendra Modi-led Union Cabinet on Wednesday cleared an ordinance that will amend the Income Tax Act and enable the proposed tax exemption.

India's economy surged by 7.8% in the Jan-March quarter, driven by strong investment, consistent farm output, and expansion in construction and tertiary sectors. This robust demand offset potential negative impacts from West Asian conflicts. The government remains committed to driving economic momentum through decisive policy measures.

In a landmark decision, the Income Tax Appellate Tribunal has overturned an erroneous denial of TDS credit to a taxpayer whose earnings were captured through Form 26AS. The tribunal asserted that acknowledging TDS credits is an essential step in preventing the injustice of double taxation.

Former England rugby captain Lawrence Dallaglio has been accused in court documents of excessive spending during bankruptcy and of failing to leave money for debts, tax and a divorce settlement. Trustees also alleged an undisclosed bank account and poor cooperation. Dallaglio denies the claims, says he worked with trustees, and disputes the allegations through his legal team.

IT Rajasthan launches awareness campaign to enrich stakeholders on New Income tax Act

One, reduce or scrap tax on foreign capital, to get it out of flight mode. That will shore up rupee also. Two, end tax disparity between bank deposits and capital gains, to lower lending rates

The Union Cabinet has recommended an ordinance to ease tax rules for foreign investors in certain securities, aiming to strengthen the rupee. This move follows significant foreign portfolio investor withdrawals and addresses concerns raised by FPIs regarding capital gains and securities transaction taxes.

Billionaires like Peter Thiel are reportedly seeking backup plans outside the US, with wealthy Americans increasingly pursuing "sovereign diversification." This trend involves securing multiple passports and establishing ties in different countries, with some viewing the Southern Cone as a safe distance amid political uncertainty and global risks.

Sports presenter Laura Woods and former Love Island star Adam Collard are a prominent celebrity couple, now with two children expected after welcoming Leo Ernie Collard in January 2025. Their combined net worth is estimated between £3.5–6 million in 2026, fueled by Woods' broadcasting career and Collard's fitness ventures and TV appearances.