Budget 2025: Will Nirmalamma pounce on green flag to give relief to the common man?
The time to start the Union Budget is near. There are many expectations on the budget from most areas. Common people are also with many expectations. Similarly, general taxpayers are also expecting some concessions from the Union Budget.
Changes in standard cuts
Income tax standard deduction in the new tax system. Many experts say that 1 lakh can be increased. Currently there is a fixed cut of Rs 75,000. It can be reduced on income without any evidence. Wherever the middle class and employees benefit from it.
Original tax deduction limit
There is no change in the old tax system as the government is giving more encouragement to taxpayers to switch to the new tax system. Currently the basic tax exemption limit in the new tax system is Rs 3 lakh. This basic tax deduction limit can be increased to Rs 5 lakh. It would be more useful to spend or save it.
Tax deduction
In the new tax system, Rs. The annual income of up to 7 lakhs is currently free from tax. The Union Budget is expected to increase this limit to Rs 10 lakh. If this is true, it gives relief from mid-income taxpayers. Makes their financial management convenient.
Housing area
The central government is demanding to reconsider the interest exemption on domestic loans taken for its own residence in the new tax system as per the government’s goal to promote housing and home management. Many people are also interested in tax exemption increase for people with home loans.
Sell property
If the person who sells the property is a non -resident (NR), then the property buyer will have to get a tan for this one -time transaction. TDS returns should be filed except tax at a higher rate. This is a complex process. To facilitate this, some people want the central government to consider the upcoming statement of invoices for vendors living abroad as local people.
Tax on electric vehicles
To reduce carbon emissions, go to green energy, demand to restore exemption under Section 80Eep (discount on loan for purchase of electric vehicles). The number of buyers on electric vehicles will also increase with tax concession.
