Budget 2025: Finance Minister can make these 5 announcements regarding taxpayers in Budget 2025

 

Budget 2025 is expected to provide many reliefs to the middle class and taxpayers. These reforms will not only ease personal expenses but will also give a new impetus to the country’s economy. Now it remains to be seen what steps the Finance Minister takes in this budget.

Finance Minister Nirmala Sitharaman is going to present Budget 2025 on February 1. The middle class and taxpayers have many expectations from this budget. Economists and industry experts believe that if the government gives relief in income tax, then this will leave more money in the hands of the middle class and consumption will increase. Here know the 5 big steps that are expected in this budget.

Budget expectations 2025

Experts believe that tax rates can be reduced for families with annual income of Rs 15-20 lakh. Under the current system, 30% tax is levied on income above Rs 10 lakh. Considering the current level of inflation, it has become necessary to reduce taxes so that the financial condition of the middle class can be strengthened.

increase in standard deduction

Salaried people pay the highest taxes. Currently, a standard deduction of Rs 50,000 is available in the old tax regime and Rs 75,000 in the new regime. In view of inflation, there is a demand to increase this deduction further. If this happens, the salaried class can get a big relief.

Special relief for senior citizens

There is a demand to increase the tax exemption limit for senior citizens. In the current system, there is tax exemption on income up to Rs 2.5 lakh (old regime) and Rs 3 lakh (new regime). Experts suggest that this limit should be increased to Rs 10 lakh in the new regime and Rs 7 lakh in the old regime.

Under Section 24B, a deduction of Rs 2 lakh is available on interest on home loan. There is a need to increase it to Rs 3 lakh. Along with this, it has been suggested to create a new category for deduction on the principal amount, so that taxpayers can get more relief.

Under Section 80D, people below 60 years of age get a deduction of Rs 25,000 and senior citizens get a deduction of Rs 50,000 on health policy premium. There is a demand to increase this limit to Rs 50,000 and Rs 75,000 respectively. This is expected to provide relief in medical expenses.

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