Budget 2025: The Finance Ministry is taking people’s opinion at different levels regarding the budget for the upcoming financial year 2025-26. By changing the slabs in the new tax regime, people falling in the category of 10 to 12 lakh annually should be given benefits.
Budget 2025: The Finance Ministry is taking people’s opinion at different levels regarding the budget for the upcoming financial year 2025-26. After the suggestions received so far, it is believed that the focus of the government will be on increasing demand and consumption in the country, for which the government can give tax relief to people coming from the middle class. Along with this, efforts will also be made to promote consumption by encouraging rural economy, welfare schemes and agriculture sector. This time the budget will focus on the vision of a developed nation.
Experts said that people can be given incentives in many ways to increase consumption in the country. The most straightforward way is that the government should reduce the burden of taxes on the middle class. This will increase the scope of savings with the people. As the savings increase, people will be able to spend more on their needs. In case of savings, the rate of spending money in property, automobile and other areas will increase.
Sources say that there are indications from the Finance Ministry that the government will make the new tax regime attractive. The tax burden on the employed and other people falling in the category of 10-12 lakh annual income will be reduced. Although recently the industry had suggested giving additional benefits in the income tax exemption limit to the people falling in the annual income group of up to 20 lakhs, but the government wants that by changing the slabs in the new tax regime, the people falling in the category of 10 to 12 lakh annually should be given benefits. On the other hand, representatives of organizations have raised different types of demands with their suggestions.
You can also give your suggestions regarding the budget
You can also give your suggestions regarding the general budget on the central government’s digital platform mygov.in from January 10. The government’s purpose behind this is to include good creative suggestions of the people in the budget.
Other main demands and suggestions
There is also a demand from the government to increase the deduction limit under 80C, which the government has not increased for the last 10 years. However, this is less likely because the government wants to encourage the new tax regime.
Labor organizations have raised the demand to increase the pension under the Employees Provident Fund Organization (EPFO) by five times and the formation of the Eighth Pay Commission. The demand to increase the pension related to EPFO has been going on for a long time.
-There is a demand to increase the standard deduction limit from Rs 75 thousand to 1.5 lakh. However, experts say that this time the government can increase it from 75 thousand to one lakh rupees.
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