Budget 2025: There is not much time left for the next budget to be presented. Like every year, the next budget is likely to be presented on 1 February 2025. Therefore, preparations for the new budget have started in full swing.
Finance Minister Nirmala Sitharaman has started discussions with stakeholders regarding this. It is expected that senior citizens and low-income taxpayers may get good news in the next budget.
Taxpayers with low income can get big relief
Let us tell you that in the first budget of the third term of the Modi government, which was presented in July this year, some relief was given to the taxpayers. It is believed that in the next budget to be presented on February 1, 2025, low-income taxpayers may get a big relief.
Under the new tax regime, taxpayers falling in the tax slab of Rs 3 lakh to Rs 7 lakh can get the benefit of tax reduction. According to a report by ET Now, the government can increase the exemption limit to more than Rs 3 lakh under the new tax regime.
No significant change is expected for those in higher tax slabs
The common man’s main focus in the budget is that his income should come under the tax exemption limit or he should have to pay less tax on his income. That means the next budget can bring a big relief for the lower income group. However, no special change is expected for those in the higher tax slab.
Let us tell you that in the budget presented in July, Finance Minister Nirmala Sitharaman had given relief to the taxpayers under the new tax regime for the financial year 2024-25. She had made the annual income of Rs 7 lakh tax free by changing the tax slab. This means that if your annual income is up to Rs 7 lakh, then you will not have to pay any tax on it. In the budget presented in July, the Standard Deduction Limit was also increased from Rs 50,000 to Rs 75,000.
Know what CII suggested
Industry body CII (Confederation of Indian Industry) says that the government should stick to the fiscal deficit targets of 4.9% of GDP for the year 2024-25 and 4.5% for 2025-26. Let us tell you that CII works to promote India’s industry growth. He says that more aggressive targets can have a bad effect on India’s economic growth. CII Director General Chandrajit Banerjee said that India is moving ahead rapidly amid a slow global economy. Fiscal management is very important to continue moving forward in this way and for macroeconomic stability.
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