Income Tax Slab FY 2025-26: In Budget 2025, Finance Minister Sitharaman may announce important measures to simplify the direct tax framework. There is a possibility of increasing the basic exemption limit to Rs 5 lakh.
Income Tax slab for FY 2025-26: Budget 2025 is expected to provide relief on the income tax front. If this happens, the income tax slabs will change for the financial year 2025-26. Taxpayers hope that Finance Minister Sitharaman will take measures to simplify the direct tax framework. There is a possibility of increasing the basic exemption limit to Rs 5 lakh.
In fact, simplification of the direct tax framework is one of the major demands of taxpayers. In such a situation, the government is expected to implement the Direct Tax Code 2025. Regarding this, experts say that old provisions will be abolished in it, and along with simplifying the tax rate, the provisions of tax compliance and TDS will be amended.
What do taxpayers want?
Taxpayers are expecting an increase in the basic exemption limit to Rs 5 lakh in Budget 2025 under both the Old Tax Regime and the New Tax Regime. The increase in the basic exemption limit will provide much-needed relief especially to the middle-income groups, thereby boosting disposable income.
There is also a strong possibility that the government will revise the income tax slabs in both the old and new tax regimes. Such a revision will reduce the financial burden of the people and make the tax system more equitable. Apart from this, taxpayers hope that the standard deduction limit will also be increased, which will benefit a large number of taxpayers by reducing their taxable income.
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