Budget 2025 LIVE Updates | BDO India's Rony Antony calls for rationalisation of tax provisions

Rony Antony - Partner & Leader - Corporate Tax ( South)

Budget 2025 Highlights: Union Finance Minister Nirmala Sitharaman will table the Budget for the 2025-26 fiscal year on Saturday, February 1. The stock exchanges will also remain open on February 1 on account of the Union Budget.

Ahead of the Budget, the Appointments Committee of the Cabinet (ACC) approved changes in top positions within the finance ministry. Tuhin Kanta Pandey has been appointed Secretary of the Department of Revenue. He will continue to hold the designation of Finance Secretary. Arunish Chawla has been appointed Secretary of DIPAM and will also hold additional charge as Secretary of the Department of Public Enterprises (DPE) and the Ministry of Culture until further orders.

The FM recently completed pre-Budget consultations with stakeholders of various industries to understand their grievances, recommendations and expectations from the upcoming  Budget.

Rony Antony, Partner & Leader, Corporate Tax at BDO India, has highlighted the need for urgent rationalisation of income tax provisions in the upcoming Union Budget 2025-26. Antony noted that while some steps were taken with the introduction of a Direct Tax Code, further action is needed to address lingering issues in the current system.

He specifically called for the rationalisation of TDS obligations and tax rates, which are causing difficulties for taxpayers. Antony also stressed the importance of curbing litigation on matters that have attained finality, urging the government to introduce issue-based guidelines to reduce disputes and provide taxpayers with greater certainty

Source:- CNBC TV18