On February 1, the country’s Finance Minister Nirmala Sitharaman will present the budget for the financial year 2025-26. Income tax relief is expected in this budget. This is the reason why most speculations are being made about income tax. Most experts say that this time the government can give tax exemption to the common man. According to the information, the government is not in favor of giving any kind of concession in the new tax regime, but it can consider giving concessions by increasing the tax limit and reshuffling the tax slab. Let us tell you that income tax rates are finalized last and changes are usually demanded in them before every budget. This is the case this time as well. Companies and economists have demanded to reduce the tax burden on the middle class, citing weak demand.
There is also a demand for tax exemption on expenses like health insurance and pension (Income tax relief in budget)
For information, let us tell you that last year Sitharaman had increased the standard deduction for the salary class to Rs 75,000 and also amended the slabs. She had then claimed that these measures would benefit taxpayers by Rs 17,500. This time too, there has been a discussion in the government on increasing the standard deduction. It is being feared that all taxpayers can be given relief in this (Income tax relief in budget). In view of the demand to increase the disposable income of middle class consumers, there has also been a discussion on changes in the tax slabs. On the one hand, the central government is focusing on changes in the slabs in the new tax regime, while on the other hand, there is also a demand for tax exemption on expenses like health insurance and pension. This is considered important in a country like India, where everyone except government employees has to struggle for it on their own. There are some sections who are demanding the abolition of the old tax regime.
There is a demand for tax exemption on NPS contribution (Tax exemption budget 2025)
Actually, it is beneficial for those taxpayers who claim HRA and home loan. Let us tell you that in a report of SBI, there has been a demand for tax exemption (Tax exemption budget 2025) on health insurance up to Rs 50,000 and NPS contribution up to Rs 75,000 or Rs 1 lakh. If the top rate is retained at 30% with a 15% levy for those with taxable income of Rs 10-15 lakh, then the Center will lose Rs 16,000 crore to Rs 50,000 crore annually. Let us tell you that currently it is 20% for Rs 12-15 lakh. Not only this, arguments have also been given in favor of changing the tax treatment of interest income. Suppose if the top rate is reduced from 30% to 25% for those with taxable income of Rs 15 lakh or more and tax exemption is given on health insurance up to Rs 50,000 and annual NPS contribution of Rs 75,000, then the government will lose revenue between Rs 74,000 crore to Rs 1.1 lakh crore.
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It has also been suggested to give tax benefits on home loans under the tax regime (Tax exemption budget 2025)
Not only this, if the maximum rate is reduced to 25% and 15% levy is given for those with taxable income of Rs 10-15 lakh and tax exemption is given for health cover up to Rs 50,000 and NPS contribution of Rs 75,000 annually, then the revenue loss can be between Rs 85,000 crore to Rs 1.2 lakh crore. Not only this, it has also been suggested to give tax benefits on home loans under the tax regime (Tax exemption budget 2025). However, government officials are against giving concessions and exemptions. They have their own argument that due to this the new system will also gradually become like the old system. On this, they suggested that taxpayers should have the option to choose the tax regime according to their benefit. Well, whatever happens, people have a lot of expectations from the budget to be presented on February 1.
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