Budget 2025 Expectations Live Updates: FM to Present Budget on Feb 1

As India anticipates the Union Budget 2025, there is a notable expectation for changes that could benefit taxpayers, with a particular focus on increased exemptions and deductions. Industry stakeholders, investors, and the broader public are hoping for measures that could ease the tax burden and enhance overall administrative efficiency.

Rohinton Sidhwa, Partner at Deloitte, highlights the significant strides the government has already made in reforming the direct tax system, including initiatives like reducing corporate tax rates, rationalizing withholding tax rates, stabilizing capital gains taxation, and resolving legacy tax disputes. These efforts have indeed strengthened the tax system's foundation. However, Sidhwa suggests that there is still room for further refinements to boost the ease of doing business and improve the efficiency of tax administration in the country.

This could imply a potential focus in the upcoming Budget on simplifying tax processes, increasing tax exemptions or deductions for individuals, and possibly expanding on corporate tax reforms to foster greater economic growth. Taxpayers, particularly individuals and businesses, will be keenly watching for any announcements that may provide them with further relief or clearer incentives to invest and engage in the Indian economy.