Budget 2025: On February 1, Finance Minister Nirmala Sitharaman will present the 8th consecutive Union Budget. The whole country is waiting for it. Many middle-class people have questions about the budget.
The budget will focus on which sector is more important. Will there be a tax exemption? Will there be a big announcement regarding railways? Farmers, women, and people from people with low incomes also have high expectations from this budget. The answers to all these questions will be released on February 1.
Income Tax Slab
It is being said about Budget 2025-26 that the Modi government can increase the basic exemption limit from Rs 300,000 to Rs 350,000, which can provide some relief from rising inflation. The government can introduce new income tax slabs for the middle class. Under this, people earning up to Rs 3 lakh will be kept out of the tax limit, and a 5% tax will be imposed on those with annual income of Rs 3,00,001- 6,00,000. It is said that a 10% tax will be imposed on those in the category of Rs 6,00,001- 9,00,001 lakh. A 15% tax will be imposed on an annual income of Rs 9,00,001- 12,00,000 and a 20% tax on a yearly revenue of Rs 12,00,001- 15,00,000.
How much discount will be available on tax?
It is estimated that under section 87A of the new tax system, up to 100% tax exemption can be claimed on income up to Rs 7 lakh. This limit can be increased to Rs 8 lakh. for the lower-income group. Under the old tax system, there has been no change in the basic exemption limit in the Income Tax Slab 2014. It is being said that it can be increased by Rs 50,000, i.e. from Rs 250,000 to Rs 300,000. There will be no tax on income up to Rs 3 lakh.