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As the clock ticks closer to February 1, 2025, when Finance Minister Nirmala Sitharaman will present the much-anticipated Union Budget 2025-26, expectations are soaring high, especially among the salaried middle class. The big question remains—will Budget 2025 bring much-needed relief in income tax?
From revised income tax slabs to higher exemptions for home loans and insurance premiums, taxpayers are hopeful that this budget will significantly boost their in-hand income and address key financial concerns.
The new tax regime introduced in 2020 has seen multiple modifications over the years, but taxpayers are hoping for more changes, including:
The government, in the last budget, announced an overhaul of the 63-year-old Income Tax Act. With the goal of simplifying tax laws and reducing litigation, there is strong speculation that FM Sitharaman may introduce the long-awaited Direct Tax Code (DTC) in this budget session.
However, reports suggest that no major changes in LTCG and STCG taxation frameworks may be introduced, given that significant provisions were already rolled out in the Interim Budget 2024.
The Economic Survey 2025, which will be tabled a day before the budget on January 31, 2025, will provide further insights into the government’s economic priorities and its stance on taxation.
With inflationary pressures and rising household expenses, the middle class is keenly looking forward to pro-consumer tax reforms. Whether the Union Budget 2025 fulfills these expectations remains to be seen, but one thing is certain—the demand for higher tax reliefs and financial security has never been louder.
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