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Employers are now taking into account any taxes that have already been taken out from other income when figuring out the tax deductions from your salary.

This change is all about making sure you don’t get taxed twice or have too much taken out. For instance, if you have a regular paycheck and also earn some extra cash where tax has already been deducted, your boss will adjust the TDS on your salary.

That means you’ll end up paying less in taxes overall.

In 2025, businesses should get ready for some big changes to the GST rates from the GST Council. A group of ministers and a special committee are looking into ways to lower GST rates, fix problems with the tax system, and review what's exempt from taxes.

The 55th GST Council meeting took place on December 21, 2024, where they talked about new GST rates for certain items. We should see these updated rates announced on January 3, 2025.

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