Published On : Wed, Feb 5th, 2025
By Nagpur Today Nagpur News

VIA organised discussion on “Post Budget Analysis 2025”

Vidarbha Industries Association Taxation & Corporate Law Forum organised a session on “Post Budget Analysis 2025” on Tuesday, 4th February 2025 from 6.00 pm to 7.30 pm at VIA Auditorium, Udyog Bhawan, Civil Lines, Nagpur to dissect and analyse the tax proposals and their possible impact on various stakeholders like manufacturers, service providers, traders, exporters, importers, etc.

Expert Speaker, CA Naresh Jakhotia has deliberated about the impact of the proposed amendment in the Finance Bill – 2025. The benefit of higher rebate up to Rs. 60,000/- which makes entire income up to Rs. 12 Lakh will result in significant tax benefit to the middle-class taxpayers, he explained. Similarly, the benefit of lower tax rate and higher tax slab would benefit even the HNI also. With example, he demonstrated that the HNI could have tax benefit of minimum of Rs. 1.10 Lakh as a result of higher tax slab. It is one of the biggest benefits conferring budget without any adverse contents in the fine prints. With the new tax regime, there is no separate or special status to the female, senior citizens, etc. He covered how the denial of rebate under section 87A would impact the capital gain income.

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Another sector which is benefitted by the budget document is the charitable trusts. The extension of 5 years period to 10 years for renewal of the trust would relieve the small trusts. For the first time, in last few years, the Government has reposed trust in trust, he joked. Further, curtailing the definition of the specified person under the Income Tax Act is a welcome change, he discussed in his speech. The extension of the sunset clause for deduction to startup straightway by 5 years will be an important milestone in the promotion of this sector, he discussed.

The various provision for the ISFC and their tax benefit was also discussed during the session. One of the area with significant amendment was with regard to that TDS & TCS. He discussed how the discrimination of the TCS provision would benefit the business houses. He further appreciated the move to abolish the provision of higher TDS rate on the Non-filers of income tax returns. He further covered the provision of rationalisation of the TDS rates wherein the threshold limit has been raised for various payments, like for interest, the limit has been raised from Rs. 50000 to Rs. 1 Lakh for senior citizens and from Rs. 40,000/- to Rs. 50,000/- for non senior citizens receiving interest from bank. Similarly, interest received from person other than bank would be liable for TDS exceeding Rs. 10,000/- now as earlier the limit was Rs. 5000/-. Similarly, the TDS threshold for brokerage, commission, has been increased from Rs. 15,000 to Rs. 20000, he explained with illustration. For rent, the TDS limit ahs been revisited from Rs. 2.40 Lakh to Rs. 50,000/- p.m.

He also discussed the taxation aspects of Virtual Digital Assets, NRI Taxation, amendment in penalty provisions, statement of financial transactions, search related provisions,
Earlier, CA Mahendra Jain, Past Chairman of Sales Tax Bar Association, Nagpur welcomed CA Naresh Jakhotia with floral bouquet. CA Ashok Chandak, Chairman – VIA Taxation & Corporate Law Forum given his welcome address. CA Sachin Jajodia, Convener of VIA Taxation & Corporate Law Forum gave an opening remark and also introduced the speaker.

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