The Union Budget 2025, presented by Finance Minister Nirmala Sitharaman, introduced several major reforms aimed at reducing the tax burden on individuals, supporting businesses, and boosting economic growth. This budget focuses on tax relief, compliance simplification, and digital transformation, making it crucial for taxpayers and businesses to understand these changes and align with the latest policies.
With these updates, TaxLegit provides expert assistance in income tax return filing, GST registration, company incorporation, and business compliance services, ensuring that individuals and businesses remain compliant and take full advantage of the benefits introduced in the budget.
Key Highlights of Union Budget 2025
1. Increase in Income Tax Exemption Limit
One of the biggest takeaways from the budget is the increase in the income tax exemption limit under the new tax regime:
???? No tax for income up to ₹12 lakh (Earlier, the exemption was up to ₹7 lakh).
???? Taxpayers earning between ₹12 lakh to ₹16 lakh will now pay only 15% tax instead of 20%.
???? A new simplified tax structure has been introduced to reduce tax complexity.
???? How TaxLegit Helps: TaxLegit assists individuals in filing their income tax returns (ITR) accurately, ensuring they maximize tax benefits and claim deductions efficiently.
2. Lower GST on Essential Goods and Services
???? The government has reduced GST rates on essential goods and MSME products to support small businesses.
???? GST registration and return filing are now easier with the introduction of a simplified GST compliance system.
???? How TaxLegit Helps: TaxLegit provides expert GST registration and return filing services, ensuring that businesses remain compliant with the latest tax policies and avoid penalties.
3. MSME Support and Business Growth Incentives
???? Increased credit support for MSMEs and startups, allowing easier access to loans.
???? A new ₹10,000 crore Fund of Funds introduced for small businesses and entrepreneurs.
???? Easier company registration for startups with a reduced documentation process.
???? How TaxLegit Helps: TaxLegit specializes in Private Limited Company and LLP registration, helping startups and MSMEs quickly register their business and access government benefits.
4. Digital Tax Compliance and E-Governance
???? The Income Tax Department will fully digitize tax filings, making tax compliance more transparent and efficient.
???? Faceless tax assessments and online dispute resolution have been expanded to make tax filing easier.
???? How TaxLegit Helps: TaxLegit provides digital tax compliance solutions, ensuring that businesses and individuals can file tax returns seamlessly and manage their compliance obligations without any hassles.
5. Support for Startup India and Ease of Doing Business
???? Tax benefits for startups extended for another three years.
???? One Nation, One Business ID introduced to streamline business compliance across India.
???? The corporate tax rate for startups and new businesses has been lowered to 15% to promote entrepreneurship.
???? How TaxLegit Helps: TaxLegit assists businesses in registering under Startup India registration, filing tax exemptions, and managing compliance with reduced paperwork and faster processing.
TaxLegit Services to Help You Stay Compliant with Budget 2025
???? Income Tax Return Filing – Hassle-free ITR filing for individuals and businesses.
???? GST Registration & Filing – Expert assistance in GST registration and monthly return filing.
???? Company Incorporation – Quick and affordable Private Limited, LLP, and OPC registration.
???? Trademark Registration – Protect your business brand with legal trademark registration.
???? Business Compliance & Licensing – ROC filing, MSME registration, and FSSAI licensing for startups and MSMEs.
???? Why Choose TaxLegit?
✔ Expert legal and tax professionals
✔ Quick and hassle-free registration process
✔ Affordable pricing and transparent services
✔ End-to-end compliance support
Conclusion
The Union Budget 2025 introduces significant tax relief, business-friendly policies, and simplified compliance processes, making it easier for individuals and businesses to save taxes and grow efficiently. However, understanding and implementing these changes requires expert guidance.
With TaxLegit’s professional services, individuals and businesses can easily file income tax returns, register for GST, incorporate a company, and stay fully compliant with the latest tax laws.
???? Need expert assistance with tax filing or company registration? Contact TaxLegit today and stay ahead with hassle-free compliance! ????
