00:00It is almost a week left for the Union Budget 2025 to be presented.
00:10Finance Minister Nirmala Sitharaman will present the budget in the Lok Sabha at 11 o'clock on February 1.
00:15And the government has also announced its approval.
00:18This time, the middle class seems to be quite excited before the budget.
00:22And the reason for this is the hope of a decrease in income tax.
00:25Finance Minister Nirmala Sitharaman can announce a big relief to the middle class on February 1 from income tax.
00:32The question is how much your tax will be reduced.
00:35Let's know in the video what is the opinion of the experts on this.
00:38So, the tax experts say that just giving relief in income tax will not work.
00:43The government will have to make the rules of income tax easier.
00:46This will increase the number of people coming under income tax.
00:50If you don't have a lot of tax burden on people, they will like to pay tax on their own.
00:56Now, some people, especially those who work, have to pay more tax.
01:01While there are many people who do not pay tax despite having a lot of income.
01:05If there is a population of 140 crores, then only 2 crore people are like this.
01:11That is, only 1.8% of the people who pay tax.
01:15And the reason for this is that they do not let their income come under the income tax system.
01:20The government will have to try to bring such people under the tax system.
01:25Apart from this, the next point of the experts is to say that the government's focus should be on making the tax system easier.
01:32In the union budget, it can be announced to make the rules of tax easier.
01:36If the rules of tax become easier, the tax and GDP ratio will increase.
01:40This is still 18.1%.
01:42He said that if India wants to be included in the three largest economies in the world,
01:47then the government will have to bring the tax-GDP ratio to at least 30%.
01:52For this, the rules of tax will have to be made easier.
01:55This will increase compliance and there will be less tax-related disputes.
02:00However, it is also being said that the government can introduce some new laws on income tax in this union budget.
02:07Apart from this, experts also believe that the government had announced major changes in the income tax rules in the July 2024 union budget.
02:16Experts believe that there will not be much change in the tax issue in this budget.
02:21Finance Minister Nirmala Sitharaman can announce major changes that can make the rules of tax easier.
02:27Most tax experts believe that the government can increase the basic exemption limit of income tax.
02:33Apart from this, people with an annual income of 15-20 lakhs can get relief from the current 30% tax.
02:40If we talk about the basic exemption limit, it is 3 lakhs at the moment.
02:44It is expected that it should be increased to 5 lakhs.
02:4815-20 lakhs can also get a little relief.
02:52Most of the expectations are that this time the government will be more focused on making the rules of tax easier.
03:00Well, only February will know what announcements will be made on tax.
03:06What are your expectations? Do tell us by commenting.
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