Budget 2025 introduces several measures to simplify legal compliance for businesses, says Shardul S Shroff, Executive Chairman of Shardul Amarchand Mangaldas & Co.He pointed out that the government plans to decriminalise 120 laws and streamline tax regulations, reducing the burden on businesses.One of the major announcements is the introduction of a new Income Tax Act next week, which will be cut down to half its current size. While this signals a shift toward simplification, Shroff hopes the revisions will not introduce new complexities.
The Budget also redefines capital assets for capital gains tax and includes measures to ease compliance for small charitable institutions. Shroff highlighted that these reforms, along with the removal of outdated laws, will improve the ease of doing business and create a more business-friendly environment.He highlighted that income above ₹24 lakh will now be taxed at a uniform rate of 30%, which could impact spending and investment choices for the middle-income group.Also Read | Mahindra Group CEO shares key takeaways from Budget 2025Catch live updates on FM Sitharaman’s Budget 2025 speech hereClick here for the latest stock market updates
