New Delhi, Jan. 27 -- Unless you are living under a rock, you would be aware that Union Finance Minister Nirmala Sitharaman will announce Budget 2025 on February 1. From individual taxpayers to industry tycoons - each has their own set of expectations from the government.

Some are waiting for tempting sops, while others only want clearer and more comprehensive tax provisions so that the tax net widens and there is higher compliance, lower litigation, and perhaps lower tax rates in the future.

It is noteworthy that FM Sitharaman is likely to introduce a new income tax law in the Budget session based on the comprehensive review of current legislation, which was enacted in 1961 and underwent a number of amendments every year. For more deta...