New Delhi, Jan. 26 -- Ahead of Union Budget 2025, to be presented by finance minister Nirmala Sitharaman on February 1, the Institute of Chartered Accountants of India (ICAI) has suggested 'joint taxation' for married couples, meaning that such couples would be seen as a single taxable unit.

The idea is to give married couples the option to combine their income for tax returns, similar to systems already in place in countries such as the US and UK.

"ICAI suggests allowing joint income tax return filing for married couples. Ideally, an individual income of Rs.7 lakh is exempt from tax; if married, the exempt limit for the family would be Rs.14 lakh. Will #budget2025 introduce this new concept?" Chartered Accountant Chirag Chauhan wrote o...