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What Taxpayers Can Expect in Budget 2025
The New Indian Express Vellore
|January 20, 2025
Govt may increase exemption limit to ₹5L from the present ₹3L; standard deduction may be raised to ₹1 lakh
THE run-up to Budget 2025 has raised expectations of the middle class that the government is likely to give some relief on the personal taxation space.
The aim would be to give a boost to private consumption, which has been lagging for quite some time.
The tax sops in the personal income tax space can be in the form of change in basic exemption limit, tweaks in the tax slab rates as well as an increase in the standard deductions.
Apart from that, a few other changes are also likely in respect of certain compliances to make the life of individual taxpayers easier. We list out some of the likely changes in the budget:
Higher exemption limit: Currently, income up to ₹3 lakh is not taxed if the total income is ₹7 lakh or more under the new tax regime. The government might increase the exemption limit to ₹5 lakh, which means any income between ₹5 lakh and ₹7 lakh would be taxed at 5%. Currently, income between ₹3 and ₹7 lakh is taxed at 5%.
This story is from the January 20, 2025 edition of The New Indian Express Vellore.
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