Budget 2025: Union Finance Minister Nirmala Sitharaman will present the full budget for the financial year 2025-26 on February 1. This will be the 8th budget of Finance Minister Nirmala Sitharaman. People from different income groups of the country have high expectations from this budget.
For this reason it is also being called the budget of expectations. According to experts, the government will focus on things like health sector, GDP growth, inflation, tax slab etc. in this budget. Changes can be made in many policies to accelerate growth in the country.
Apart from this, changes can also be seen in income tax. However, what will happen in this year’s budget? This will be known only when Union Finance Minister Nirmala Sitharaman will present the country’s full budget on February 1. In this connection, let us know why this year’s budget can be memorable and what changes can be made in it?
Changes in income tax
Finance Minister Nirmala Sitharaman recently said that more than 65 percent of taxpayers in the country have adopted the new tax regime. This means that 2 out of every 3 people are filing taxes under the new tax regime. The government introduced the new tax regime in the year 2020. However, now the government’s focus is on making the new tax regime more attractive. For this reason, many changes are being made continuously in the new tax regime.
Last year, under the new tax regime, the standard deduction was increased from Rs 50,000 to Rs 75,000. In such a situation, this year the government can make the new tax regime even more attractive in the budget. According to media reports, the limit of standard deduction can be increased from Rs 75,000 to Rs 1 lakh.
At the same time, the 20 percent tax rate range is likely to be increased from Rs 12-15 lakh to Rs 12-20 lakh. This change can benefit those whose income is between Rs 15-20 lakh.
Tax Slabs
If media reports are to be believed, the government may make changes in the tax slabs in this year’s budget. It is expected that a tax rate of 30 percent may be implemented on income above Rs 20 lakh. If these changes happen, many more people will also shift from the old tax regime to the new tax regime.
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