Budget 2025 Expectation: As the date of 1 February approaches, the mountain of expectations of the people also starts rising. First of all, the hope arises that in the budget announcements, the Finance Minister will give relief to the working profession, especially the middle class, by changing or cutting the income tax slab. The date of 1 February is once again getting closer.
Budget 2025 Expectation: As the date of 1 February approaches, the mountain of expectations of the people also starts rising. First of all, the hope arises that in the budget announcements, the Finance Minister will give relief to the working profession, especially the middle class, by changing or cutting the income tax slab. The date of 1 February is once again getting closer. It is expected that Finance Minister Nirmala Sitharaman can give relief of tax cut this time.
Announcements can be made regarding income tax
People are expecting tax relief before the budget. If experts are to be believed, the Finance Minister can give some relief in income tax in the budget this time. The way consumption is decreasing in the economy. In view of his concerns, it is expected that the Finance Minister can give great relief to the people by reducing the income tax rates in Budget 2025.
Expectation of reduction in income tax rate
It is expected that this time in the budget, income tax reduction and standard deduction limit can be increased to increase consumption. If media reports are to be believed, the limit of income tax exemption can be increased by Rs 50,000 in the budget. The government can increase the limit of standard deduction from Rs 50 thousand to Rs 1 lakh. The limit of standard deduction in the old tax regime is 50 thousand and in the new tax regime it is Rs 75 thousand.
What is the current tax slab
There are currently two types of income tax regime in India. It includes old and new tax regime. Under the New Tax Regime
- 0% tax on income up to Rs 3 lakh
- 5% tax on income from Rs 3 lakh to Rs 7 lakh
- 10% tax on income from Rs 7 lakh to Rs 10 lakh
- 15% tax on income from Rs 10-12 lakh
- 20% tax on income from Rs 12-15 lakh
- 30% tax on income above Rs 15 lakh
What is the Old Tax Regime
- 0% tax on income up to Rs 3 lakh
- 5% tax on income from Rs 3 to 6 lakh
- 10% tax on income from Rs 6-9 lakh
- 15% tax on income from Rs 9-12 lakh
- 20% tax on income from Rs 12-15 lakh
- 30% tax on income above Rs 15 lakh
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