00:00The Union Budget 2025 date has arrived and Finance Minister Nirmala Sitharaman will present the Union Budget on 1 February.
00:11The middle-class taxpayers' eyes are fixed on 1 February and they hope that this time the Finance Minister will announce relief for them.
00:19In July 2024's Union Budget, the Finance Minister announced for the taxpayers of the new regime of income tax.
00:26However, the taxpayers of the old regime were disappointed.
00:29On 1 February, it is expected that there will be major announcements for the taxpayers of the new and old regimes of income tax.
00:36In this, some sources say that the final decision on this can be made soon.
00:41Tax experts say that the government can increase the standard deduction for the taxpayers of the two regimes of income tax.
00:48This will not have much effect on the government's revenue, but the people who work will definitely get a lot of relief.
00:56In the new regime of income tax, the standard deduction is Rs. 75,000.
01:00In the old tax regime, the standard deduction is Rs. 50,000.
01:04Last time, the standard deduction was reduced from Rs. 50,000 to Rs. 75,000 in the new tax regime, but there was no change in the old tax regime.
01:13It is very important to note that the benefit of the standard deduction is only for the people who work.
01:19Government and private workers benefit from it.
01:24The government can also increase the basic exemption limit of income tax for middle-class taxpayers.
01:29Now, the basic exemption limit in the new regime of income tax is Rs. 3,00,000.
01:34In the old regime, it is Rs. 2,50,000.
01:36The government can increase the tax exemption limit in both regimes to Rs. 5,00,000.
01:42Tax experts say that increasing the tax deduction for low-income people will not have much effect on the government's income.
01:49But this will strengthen the sentiment among people.
01:53The Finance Minister can announce a February to reduce the tax burden on middle-class people.
01:59Now, in the old regime of income tax, a tax of 30% is imposed on an income of more than Rs. 10 lakh annually.
02:06In the new regime, a tax of 30% is imposed on an income of more than Rs. 15 lakh annually.
02:1130% is the highest slab of tax.
02:14Financial advisors say that the tax burden on people with an income of Rs. 15-20 lakh annually is higher than corporate tax.
02:22It needs to be reduced soon.
02:24And if the tax on the annual income of Rs. 15-20 lakh is reduced,
02:29it will save more money for people's expenses.
02:32And it will increase consumption, which will also have a good effect on economic growth.
02:37That is, people with an income of Rs. 15-20 lakh pay more tax than corporate tax.
02:44There is not much possibility of changes in the old tax regime.
02:48But the new tax regime can be made more attractive.
02:51In addition to this, there can be some relief on standard deduction.
02:55That's all in the video.
02:56What are your expectations from Budget 2025, especially in the case of tax?
03:01Do tell by commenting.
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