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Before the introduction of the General Budget 2025, taxpayers are eyeing possible changes in the income tax system. Especially middle class and employed people are expected to get tax exemption. Meanwhile, a new taxation proposal by the Institute of Chartered Accountants of India (ICAI) has further intensified the discussion.
If the government accepts this suggestion and implements, then married couples can get great relief in tax.
What is the new tax proposal of ICAI?
ICAI has recommended the government to give the option of ‘joint income tax return filing’ for married couples. This would mean that the husband and wife will not need to fill different returns, but they can file the same return.
According to ICAI, this arrangement can give double tax exemption to married couples.
This system is already applicable in developed countries like the US and Britain, where married couples are allowed to file income tax returns simultaneously.
What will be the benefit of joint tax return?
Chartered Accountant Chirag Chauhan wrote on X (Twitter) –
“If this suggestion of ICAI is accepted in Budget 2025, then married couples will get a big tax exemption. Currently, personal income up to Rs 7 lakh is tax-free. If joint tax return is applicable for married couples, then this discount can increase to Rs 14 lakh! ”
This will mean that husband and wife will be able to save more tax together and their income will be less taxed.
How will the new tax slab be?
ICAI has also recommended changes in tax slab under this proposal.
| Income limit (in rupees) | New tax percentage |
|---|---|
| Up to 6 lakhs | No tax |
| 6 lakhs – 14 lakhs | 5% tax |
| 14 lakh – 20 lakhs | 10% tax |
| 20 lakhs – 24 lakhs | 15% tax |
| 24 lakh – 30 lakhs | 20% tax |
| More than 30 lakhs | 30% tax |
Apart from this, both husband and wife will also get the benefit of standard deduction, which will reduce the total tax liability.
How will this system be separated from the current tax system?
Currently, husband and wife have to file separate income tax returns. But on the implementation of this proposal of ICAI:
✅ Joint filing will give a discount in tax slab.
✅ There will be more savings due to double tax exemption.
✅ Bureaucratic process will become easier.
Will the government implement this proposal?
So far, no official statement has come from the government on this proposal. But if this tax system is adopted in budget 2025, it can prove to be a major relief for middle class and employed families.
Now everyone’s eyes are on the United Union Budget on 1 February 2025, where it will be clear whether this new system of tax exemption for married couples will be implemented or not.