Just a few days left! Then Finance Minister Nirmala Sitharaman will present Budget 2025. Speculation has already begun about what benefits this budget might hold for the middle class
Finance Minister Nirmala Sitharaman will present the 2025 budget in a few days. Speculation has begun about potential middle-class relief
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Recommendations
Economists and experts have recommended tax cuts for Budget 2025. Economists and industry representatives suggest tax cuts would increase disposable income
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Demand in Recommendations
Recommendations suggest increased spending due to tax cuts could boost GDP. Tax experts believe these five recommendations could benefit taxpayers and boost GDP.
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The government may reduce taxes for income ceilings up to ₹15-20 lakhs annually. Currently, the old regime has a 30% tax on income above ₹10 lakhs, while the new regime has it above ₹15 lakhs
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Reason for Tax Cut Request
Experts cite rising inflation making it difficult for families earning ₹15-20 lakhs in major cities. Tax cuts could increase their spending power
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Benefits for Senior Citizens
Increasing the basic exemption limit for senior citizens could benefit them. Experts suggest raising it to ₹10 lakhs
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Home Loan Deduction
Currently, deductions on home loan interest and principal are available only under the old tax regime. Experts suggest increasing the ₹2 lakh annual deduction under Section 24B
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Health Insurance Premium Deduction
Under Section 80D, deductions are available on health insurance premiums. Experts suggest increasing the deduction to potentially encourage more insurance enrollment
