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Budget 2025 expectations: Prime Minister Narendra Modi addressed the media at the start of Parliament’s Budget session today. Finance Minister Nirmala Sitharaman will present the Union Budget 2025 on February 1, 2025.
Interestingly, the Prime Minister invoked goddess Lakshmi for the poor and middle class in his address. “I pray that Goddess Lakshmi showers the poor, middle class with blessings. It is a matter of great pride that India completed 75 years as a democratic nation. India has established itself well on the global pedestal…This is the first complete budget of my third term. I can confidently say that in 2047, when India will complete 100 years of Independence, India will fulfil its aim of Viksit Bharat and this budget will give new energy and hope to the nation.,” PM Modi said.
“Innovation, inclusion, investment basis of our roadmap for economic activities…I can say with confidence this Budget session will infuse new confidence, energy in attaining our goal of ‘Viksit Bharat’,” PM Modi said.
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What Do You Expect From Budget 2025 On Income Tax?
PM Modi’s mention of the middle class in the context of the Budget session, and a day ahead of the Union Budget speech, has left everyone wondering if Budget 2025 will provide a much-needed income tax relief to the common man.
Also Check | Union Budget 2025 speech date, time: When will FM Nirmala Sitharaman present Budget 2025? Check when, where to watch live
Every year, the salaried taxpayers look at the Budget for a cut in income tax rates, revision of income tax rates and other measures to reduce the tax burden. Tax experts and economists have also been advocating for further rationalisation of income tax slabs under the new income tax regime, and a hike in standard deduction to give more disposable income in the hands of the middle class.
Income Tax Slabs Under New Tax Regime:
- Rebate eligibility under new income tax regime is Rs 7 lakh
- Taxpayers can avail rebate up to Rs 25,000/-
Any changes in the income tax slabs and income tax rates, if they come, are likely only under the new income tax regime since the government has been pushing for its adoption. As per government data, 72% taxpayers have switched to the new income tax regime.
Union Budget 2025 comes at a time when the GDP growth has slowed to a two year low of 5.4% and a cut in income tax rates is being advocated as a way to boost consumption in the economy.
This is the second Budget of the Modi 3.0 government and the eighth Budget for Nirmala Sitharaman as Finance Minister.
All eyes are now on FM Nirmala Sitharaman’s Budget 2025 speech to see if FY 2025-26 will be a year of lower income tax burden or not.
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