Budget 2025: Legal Highlights & Tax Law Changes

Budget 2025 is expected to reform direct and indirect tax structures in India

Image Source Unsplash

Legal provisions under the Income Tax Act, 1961, may see updates in tax slabs.

[{"selector":"#anim-91e6527c-a798-414e-9713-39d1d78d3547","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6e4ea2f4-ddd1-475f-b6ae-565b51e1e811","keyframes":{"transform":["translate3d(0px, 41.83813%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-53d969ab-7d32-40fc-aabd-4f72f45a6b27","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7147b0ba-40a0-4514-bd7a-84ffa0315c53","keyframes":{"transform":["translate3d(0px, 155.64241%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1d79e089-2e44-46f0-ac85-406a0375c61a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e61a4f1b-4002-4d27-9312-ae8073aed9f6","keyframes":{"transform":["translate3d(131.15941%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source Unsplash

Proposed amendments could simplify GST filing processes for small businesses

[{"selector":"#anim-b0287ef5-ba06-4938-b4cc-60fe9d1d1462","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5733f84f-64d9-45f7-b9cf-8a773f5999d9","keyframes":{"transform":["translate3d(0px, 43.60181%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-28b006fb-21fc-426c-8db6-7a1bc6c53040","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3f50af6f-8011-40ea-b939-ae2505eb52dc","keyframes":{"transform":["translate3d(0px, 160.32990%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d5afb70d-b975-40d3-9fd9-411cac80eb06","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c1af6840-c2c4-4898-b9d1-e5b05ca04d35","keyframes":{"transform":["translate3d(131.15941%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source Unsplash

Changes to tax exemptions for startups are under discussion for Budget 2025

[{"selector":"#anim-201bce4e-d3c2-4dea-80c8-0cf12d81ab24","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7cd56971-93cd-4e69-bc34-9875cf06d46b","keyframes":{"transform":["translate3d(0px, 40.07447%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d6e639a1-08da-424e-a41a-f3f8046fe081","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2bbdce11-eef3-4063-b496-4f266a842dbc","keyframes":{"transform":["translate3d(0px, 160.32990%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a89a8ed6-ab14-4437-8ad2-785179719494","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-dd67e9db-a6d7-4a61-9eef-fbd7ad2b4bbd","keyframes":{"transform":["translate3d(131.15941%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source Unsplash

The finance ministry may introduce stricter compliance norms for foreign investments.

[{"selector":"#anim-b4d4d468-6f8b-41f5-8cfb-896a1c8f7a6e","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8ee2b97e-1011-445e-af46-0eb907fd9e88","keyframes":{"transform":["translate3d(0px, 43.60181%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e28db05a-8322-4dcb-8f7a-56c6178d2fb0","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c4df1f51-9fe4-4a49-aa7f-32a1dce2864e","keyframes":{"transform":["translate3d(0px, 155.64241%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3bb673d4-f326-4e95-81ee-8091886c7308","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-acf2010b-56c2-4277-a4f7-03091e31f40f","keyframes":{"transform":["translate3d(131.15941%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source Unsplash

Key legal proposals aim to enhance tax administration transparency

[{"selector":"#anim-f6a88fab-294a-4ed5-8f67-212e743a7c78","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0c522ec1-0954-4ade-aa51-f3ca6469c326","keyframes":{"transform":["translate3d(0px, 41.83813%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f2925b26-0127-486d-ae92-c8a8d657616a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5425c240-4dca-4b28-b5d0-a54c480b85d6","keyframes":{"transform":["translate3d(0px, 155.64241%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-14843709-1927-472a-892c-cc1210779ee5","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cac723d2-7d7a-49dd-ae2a-abbc67775708","keyframes":{"transform":["translate3d(131.15941%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source Unsplash

Tax evasion penalties under Section 276C of the Income Tax Act could increase

[{"selector":"#anim-33643b7d-23c5-4e15-b967-caafea9e3ce0","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-80266d41-783d-4612-99a6-5f184015e01e","keyframes":{"transform":["translate3d(0px, 40.07447%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-ca6f7a05-5998-4f7c-8eba-d1b1dd53ff2c","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-59d4078a-146f-4b99-a641-d502ba5aef4d","keyframes":{"transform":["translate3d(0px, 155.64241%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-464e656d-94f8-4b19-932e-da49ccbbf75e","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1b63b7c9-8568-46da-97fb-bf4d639e16d7","keyframes":{"transform":["translate3d(131.15941%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source Unsplash

GST dispute resolution mechanisms may be revamped for efficiency

[{"selector":"#anim-f9ec6f28-facb-4aa0-a68f-79326c30d347","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2f6edafb-e67a-42d6-94b6-9c48730994d7","keyframes":{"transform":["translate3d(0px, 36.54713%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c4df0dbf-3771-4e54-b739-304a4d47f53a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c32267df-ed60-4a00-a5b5-b57a9ebfe65d","keyframes":{"transform":["translate3d(0px, 184.60652%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-fe4c5bf8-7d70-445e-8fd8-018823c49eee","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-638ea726-1698-41cf-81fe-99a7d8d4eac9","keyframes":{"transform":["translate3d(131.15941%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source Unsplash

Corporate law amendments might address ease of doing business and compliance

[{"selector":"#anim-8379cb77-5b92-4530-a065-cfa20afa1328","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-af8fc8d6-af10-4d2e-af25-438f4c25d632","keyframes":{"transform":["translate3d(0px, 38.31080%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5c415a18-0d90-4603-b09f-f7e48660869d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8746801d-1b56-4ea6-a8ba-cccd018363bd","keyframes":{"transform":["translate3d(0px, 155.64241%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8e6189aa-ca57-4143-ba20-6901e3689288","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4cd25678-82d4-4000-95be-7a0a0092b62d","keyframes":{"transform":["translate3d(131.15941%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source Unsplash

Budget-related ordinances can have immediate legal effects on citizens and businesses

[{"selector":"#anim-7d7ab74b-7e06-4222-8e73-1d04038210d0","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-531f1ea2-8392-4d84-8b36-2246106e4cdf","keyframes":{"transform":["translate3d(0px, 45.36547%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a134bb25-cf43-4b63-9588-989afc10fef1","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c96b1ee4-859e-4a8c-b2de-6f00f9bfafda","keyframes":{"transform":["translate3d(0px, 144.23740%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-911b0414-0969-4ec8-99ca-4634180de39a","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7d35f326-ea86-4ac3-aedb-728b58c6b643","keyframes":{"transform":["translate3d(131.15941%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source Unsplash

Legal experts should review the budget to assess implications for contracts and policies

[{"selector":"#anim-62eaae34-546b-4eef-9ccb-e7e0f4b1d9f3","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e74f6cac-5d60-4f1a-b1f4-b0375e9a44b4","keyframes":{"transform":["translate3d(0px, 40.07447%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-631d2e62-0864-4406-a385-2a02abfb4906","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-146f983c-a007-4d0a-82c4-4be96b5ffe4c","keyframes":{"transform":["translate3d(0px, 155.64241%, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c6a44142-4200-4c5c-8fa2-9e4312b2bc0e","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-89f7313f-5910-4762-8814-6b4843698ca8","keyframes":{"transform":["translate3d(131.15941%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] Image Source Unsplash