Nirmala Sitharaman: This time, before the budget, there is a lot of hope from common people to special people. To bring the economy back on track, the government can give relief in income tax as well as make some big announcements.
Five Income Tax Changes Expected: The budget for the financial year 2025 is going to be presented on February 1. There is a lot of curiosity among the people about this year’s budget. The country’s economy is facing many challenges at this time. In such a situation, people have a lot of expectations from this year’s budget. People hope that the government will take such decisions, which will improve their economic condition and create new employment opportunities and new investment opportunities. Today we will talk to you about those expectations of the people, if the government announces them, then the employed will be very happy.
Standard deduction should be increased to one lakh
Experts believe that to provide relief to the common man, the government should promote standard deduction. For the last several years, the salaried class has been demanding to increase the limit of standard deduction. Currently, the limit of standard deduction is different under the new tax regime and the old tax regime. People demand that the limit of standard deduction under the old tax regime should be increased from Rs 50,000 to Rs 1 lakh. Similarly, this limit should be increased to one lakh in the new tax regime as well. If the government does this, then more money will come in the hands of the people and they will spend more, which will benefit the country’s economy.
Zero tax on income up to five lakhs
Before Budget 2025, people are also demanding that the government should increase the income tax exemption limit from Rs 3 lakh to Rs 5 lakh to speed up the economy. If the government increases this limit, then people will get more tax free income and they will be able to spend more than before. This step of the government can directly benefit people with lower and middle class income.
Increase in investment exemption under 80C
People also hope that the government will further increase the limit of exemption available to avoid tax. Currently, under section 80C of Income Tax, people do not have to pay tax on investment up to Rs 1.5 lakh. But people are hopeful that the government will increase it to Rs 2.5 lakh in the coming time. This will enable people to save and invest more, which will secure their future. This will also benefit the country’s economy. Also, the government is being appealed not to levy tax on income up to Rs 8.5 lakh, which will provide relief to the middle class.
Demand for more employment for women
People demand that the government should make such rules, which give equal opportunities to everyone. Women should get maximum job opportunities, which will lead to the development of the country. The government should change such rules so that companies get encouragement to give jobs to women. Currently, the government gives some tax exemption to companies for giving jobs on salary less than Rs 25,000, but this limit should be increased to Rs 35,000. Also, if a company gives jobs to more women, then it should get more tax exemption.
Will investors in the stock market get exemptions?
Experts also argue that if the government gives more tax exemptions to those investing in the stock market, then people will have more money. The country’s economy will get direct benefit from this. He said that the government should simplify the tax rules and make them in line with the rules of other countries of the world. This will make it easier for people to invest. The government should make such rules that encourage people to invest in the stock market for the long term. These days the stock market is fluctuating rapidly, so the government should make such rules so that people are not afraid of investing in the stock market.
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