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Narendra Modi government can provide relief to individual taxpayers in the budget for financial year 2025-26. According to a Reuters report, Modi 3.0 is considering cutting income tax rates for people earning Rs 10 lakh 50 thousand annually in his second budget.
Due to the general elections, two budgets, interim and full, were presented for the financial year 2024-25. In the July 2024 budget, Finance Minister Nirmala Sitharaman had expanded the income tax exemption slab and increased the standard deduction for all taxpayers.
Before the budget of 2025-26, experts are predicting that the government may continue the old tax system, simplify the capital gains tax regime as well as make many other changes on the tax payment front. If the government implements this, lakhs of taxpayers will directly benefit. Especially urban taxpayers whose expenses are very high.
Currently 10% tax is levied on Rs 7 to Rs 10 lakh
In Budget 2024, the government had given relief regarding income tax. Under the new tax regime, currently tax has to be paid at the rate of 5% on income of Rs 3 lakh to Rs 7 lakh. Earlier it was up to Rs 6 lakh. Changes were also made in other slabs of the new tax regime.
Apart from this, the standard deduction was also increased from Rs 50 thousand to Rs 75 thousand. Taxpayers are getting a benefit of up to Rs 17,500 from both these changes. However, there was no change in the old tax regime.
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Also read this news related to tax in the budget of financial year 2024-25…
Relief in the new tax regime in the budget: Direct benefit of up to ₹ 17,500, compared to the loss in the old tax regime.
Relief regarding income tax has been given in the budget. Under the new tax regime, now tax will have to be paid at the rate of 5% on income of Rs 3 lakh to Rs 7 lakh. Earlier it was up to Rs 6 lakh. Changes have also been made in other slabs of the new tax regime.
Apart from this, the standard deduction has also been increased from Rs 50 thousand to Rs 75 thousand. Taxpayers will benefit up to Rs 17,500 from both these changes. However, no change has been made in the old tax regime.
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Stock market will open on Saturday on the budget day: Trading will happen on BSE-NSE like normal, commodity derivatives segment will also open.
Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will remain open on Saturday, February 1, 2025 due to the Union Budget. On that day, Finance Minister Nirmala Sitharaman will present her eighth Union Budget.
Both the exchanges will remain open for normal trade as usual from 9:15 am to 3:30 pm. The commodity derivatives segment will also be open for trading in the morning session on February 1.
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