The Budget 2025 Wishlist is at the forefront of every taxpayer’s mind as February 1 approaches. Budget 2025 Wishlist : From tax relief to higher deductions, expectations are high this year.
What Individual Taxpayers Expect from Budget 2025
The Union Budget 2025 is eagerly awaited by taxpayers across India. Scheduled for February 1, this year’s budget is expected to bring much-needed relief for individual taxpayers. Here’s a breakdown of their key expectations:
Tax Relief with Higher Exemption Limits
Currently, income up to ₹2.5 lakh (₹5 lakh under the new tax regime) is exempt from tax. Taxpayers are hoping for this limit to increase to ₹3 lakh or more, helping them save more amidst rising living costs.
Increased Deductions Under Sections 80C and 80D
Taxpayers want higher limits for deductions under these popular sections:
- 80C: The ₹1.5 lakh deduction limit has remained unchanged for years. A hike to ₹2.5 lakh is long overdue.
- 80D: Medical insurance deduction limits also need an increase, especially after the pandemic highlighted the importance of health coverage.
Relaxation in Income Tax Slabs
Currently, individuals earning over ₹10 lakh face a 30% tax rate. The middle class is hoping for a relaxation in slabs, with reduced rates for incomes up to ₹15 lakh. This will make the tax structure more balanced and taxpayer-friendly.
Standard Deduction Hike for Salaried Individuals
Salaried taxpayers currently enjoy a ₹50,000 standard deduction. With increasing commuting and daily expenses, an increase to ₹75,000 or ₹1 lakh would bring significant relief.
Enhanced Benefits for Homebuyers
Housing affordability remains a challenge. Taxpayers are looking for higher deductions on home loan interest, making it easier for people to own homes and support the real estate sector.
Simplified Tax Regime for Ease
The new tax regime offers lower rates but removes deductions, causing confusion. Taxpayers want a simpler, more rewarding system that helps them save without complicated calculations.
Why Budget 2025 is Crucial for Taxpayers
India’s middle class plays a pivotal role in the economy through spending, saving, and investments. A taxpayer-friendly budget not only boosts morale but also stimulates economic growth.
Key Takeaways for February 1
- 📅 Mark your calendars for February 1 to watch the budget announcements.
- 💼 Keep an eye on updates to tax slabs, deductions, and exemptions.
- 💡 Start planning your finances smartly based on the new proposals.
Stay tuned to MarketDarpan.com for the latest Budget 2025 updates and insights!https://marketdarpan.com/trudeau-resigns-as-canadas-pm-trump-suggests-u-s-canada-merger
