Budget 2025 Expectations Live: In the General Budget 2025, Finance Minister Nirmala Sitharaman can announce major changes in the new tax regime by increasing the basic exemption limit from Rs 3 lakh to Rs 10 lakh. Apart from this, standard deduction can also be increased.
The countdown for the Union Budget has begun. On Saturday, February 1, Finance Minister Nirmala Sitharaman will present the general budget in Parliament. Before this, taxpayers have high expectations from the government regarding income tax exemption. Along with reduction in income tax, there is a demand to make the tax slab more flexible and increase the standard deduction.
Reports suggest that Finance Minister Nirmala Sitharaman may announce major changes in the new tax regime by increasing the basic exemption limit from Rs 3 lakh to Rs 10 lakh. Apart from this, a new tax slab of 25 percent can be introduced for income between Rs 15 lakh and Rs 20 lakh.
At present, those earning more than Rs 15 lakh have to pay tax at a slab rate of 30 per cent. If a new slab is introduced in Budget 2025, the tax rate of 30 per cent will be applicable on income above Rs 20 lakh.
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