Raj Karkara, COO, ZebPay.
Credit: ZebPay
Finance Minister Nirmala Sitharaman will present the 8th consecutive Union Budget on February 1, 2025. Reports suggest that the government is mulling over cutting income tax for those who are earning up to Rs 15 lakh a year in February's budget, in turn providing relief to the middle class.
The start-up sector has pinned high hopes on the Union Budget FY 2025-26 documents and is keeping the fingers crossed regarding their expectations from the government's most important financial document of the year.
This is what Raj Karkara, COO, ZebPay has to say--
“It is pivotal for India to align its crypto policies with the global regulatory framework to fully harness the industry’s potential. We are hoping that the Union Budget 2025 will introduce progressive measures such as revisiting the 30% tax on crypto income and the 1 per cent TDS mechanism.
Simplified tax structures can encourage wider participation while boosting liquidity and trading volumes. Recognition of crypto as a formal asset class, with clear classifications is another critical step.
This clarity, coupled with robust regulatory guidelines, will not only safeguard investors but also provide a stable foundation for the industry’s growth.
Additionally, we look forward to policies that incentivise innovation, such as subsidies or tax breaks for blockchain and Web3 startups.
Such measures will position India as a global hub for decentralised finance, digital identity solutions, and asset tokenisation. Fostering institutional participation through clearer guidelines on custody, security, and compliance standards will enable the government to unlock significant potential in the crypto space.
We believe these steps will pave the way for an inclusive, secure, and innovation-driven digital economy in India.”
Union Budget 2025 | Nirmala Sitharaman, who continues to be Finance Minister, will present her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', reports suggest there might be a tax relief for those making up to Rs 15 lakh per year. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.