Budget 2025 Expectations: Top 5 things Salaried Taxpayers Want

23 Jan 2025 , 03:13 PM

The Finance Minister Nirmala Sitharama is going to present her 8th Union Budget of February 1, 2025. This will be the second budget of Prime Minister Narendra Modi-led government after July 2024.

In contrast to any other year, all classes of taxpayers are eagerly waiting for the budget to disclose what the Finance Minister holds for them. However, of all the classes, salaried taxpayers are at the top of the charts for some major relief in this budget. So, here we are covering the top 5 expectations of salaried individuals from this budget:

1. Individual taxpayers are in hope of personal tax concessions so that their disposable income could be higher. Over the past few budgets also, the expectations have been similar, So, the middle class is definitely expecting a better share of concern for them in this budget.
2. As per a survey, 57% of participants are expecting lower personal income tax rates, on the other hand about 25% expect higher exemption thresholds in the Budget 2025.
3. The government has earlier introduced a new income tax regime, and to make that more appealing, most taxpayers recommend lowering tax rates in 2025, since exemptions have been completely taken off the charts.
4. Salaried individuals are hopeful for targeted benefits, such as improved NPS provisions and, an increase in tax incentives/subsidies for Electric Vehicles to promote environmental awareness among individuals and to encourage more environmentally sustainable transportation options, stated the sources.
5. The survey also outlines that the stand of most salaried individuals is towards lowering the additional tax/penalty on updated returns, while others want extended deadlines for submitting revised Income-tax returns.

 

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