The tax changes are effective April 1, 2025.
1. Income Tax Slabs & Exemptions: Income up to 12 lakh is now tax-free; standard deduction raised to 75,000.
2. 87A Rebate: Extended to incomes up to 12 lakh, reducing tax liability to zero.
3. Higher TDS Thresholds: Bank interest TDS limit raised to 50,000 (1 lakh for senior citizens).
4. Used Car GST Hike: GST on used cars increased from 12% to 18%.
5. Mandatory ISD Registration: Businesses using shared services must register for ISD under GST.
6. Start New Series of Invoicing: Businesses must begin a fresh invoice series from April 1, 2025, as per GST compliance requirements.
Information: Kind courtesy CA (Dr) Raj Chawla.
rajchawlaca@gmail.com
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