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Real Estate
As the world welcomes a new financial year, many countries, including India and the United States, are implementing significant income tax rule changes effective April 1, 2025. These updates aim to provide tax relief, simplify compliance, and impact various sectors of the economy. In this article, we will delve into the top ten major updates that every taxpayer should know about, focusing on India and global trends.
Starting April 2025, the Indian government introduces revised income tax slabs, offering zero tax on income up to ₹4 lakh, 5% for income between ₹4 and ₹8 lakh, 10% from ₹8 to ₹12 lakh, 15% from ₹12 to ₹16 lakh, 20% from ₹16 to ₹20 lakh, 25% from ₹20 to ₹24 lakh, and 30% for income exceeding ₹24 lakh[1][2]. For those opting for the new tax regime, there's zero tax on income up to ₹12 lakh, but they must still file an Income Tax Return (ITR)[1].
Salaried individuals in India will benefit from a standard deduction of ₹75,000, effectively making income up to ₹12.75 lakh tax-free[1]. This provision aims to reduce financial burdens and increase disposable income for salaried taxpayers.
The Tax Deduction at Source (TDS) threshold in India has been enhanced across several categories. For instance, the TDS threshold on bank interest for senior citizens increases to ₹1 lakh, while for others, it rises to ₹50,000. Additionally, the TDS threshold for dividend income is now set at ₹10,000, doubling the previous limit[1][3]. Other revised TDS thresholds include increases for mutual funds, lottery winnings, and insurance commissions[3].
To ease tax compliance, taxpayers can now declare up to two self-occupied properties as zero-value assets, streamlining the filing process[1].
Contributions to the National Pension Scheme (NPS) Vatsalya can be claimed as deductions under Section 80CCD, but only under the old tax regime. This encourages investments in retirement planning while providing tax benefits[1].
Effective April 1, 2025, UPI services will be deactivated for long-unused mobile numbers, promoting better management and security of digital payment systems[2].
Dividend payouts will be suspended for individuals who haven't linked their Permanent Account Number (PAN) with their Aadhaar number. This rule ensures compliance with tax regulations and avoids any penalties[2].
In the United States, the IRS has announced inflation adjustments for tax year 2025, including increases in standard deductions and specific tax credits. For instance, the standard deduction for single taxpayers rises to $15,000, while for married couples filing jointly, it increases to $30,000[5].
Several U.S. states are implementing changes to their tax structures as of January 1, 2025. Nine states, including Indiana, Iowa, and Louisiana, are reducing individual income taxes, with some adopting flat tax systems[4]. These reforms aim to reduce tax burdens and enhance economic competitiveness at the state level.
A unified pension scheme is set to launch in India, offering a streamlined retirement savings framework. This move will likely provide better financial security for retirees by simplifying pension management[2].
These income tax rule changes are pivotal for taxpayers as they offer both relief and additional compliance requirements. Understanding these updates will help navigate the evolving financial landscape effectively. Whether it's India's new tax slabs or global tax adjustments, each change impacts taxpayers differently, emphasizing the need for awareness and strategic financial planning.
By embracing these changes, taxpayers can optimize their financial planning and leverage the benefits offered by these rule updates.
