00:00Finance Minister Nirmala Sitharaman presented a budget on February 1, and the speech of
00:06this budget was of 1 hour and 14 minutes.
00:09This budget will be remembered for a long time for the big announcement of relief in
00:13income tax.
00:14The middle class was already hoping that the finance minister would tax-free the income
00:19up to Rs 12 lakh annually.
00:21Because before the budget, there were talks that the government can zero tax for people
00:25with an income of up to Rs 10 lakh annually.
00:28The finance minister has zeroed tax for people with an income of more than Rs 12.7 lakh.
00:35But in a speech of more than an hour, the old regime of income tax was not even mentioned.
00:41So does this mean that the old regime is going to be locked up?
00:45Will it end?
00:46In this case, the Gujaratans talked to many tax experts to find answers to these questions.
00:51And most believed that the government is not yet going to officially end the old tax regime.
00:57But the government is adopting such methods that the old tax regime will end on its own.
01:02In the past few years, all the announcements about tax in the union budget have given the
01:07same indication.
01:08When the government has announced to make the new tax regime attractive in the 2023-2024
01:13and now 2025 union budget, while no announcement has been made about the old tax regime.
01:19The government's focus on the new tax regime is clearly visible.
01:23According to the data of the Income Tax Department, 72% of the individual taxpayers filing the
01:29income tax return for 2023-2024 used the new income tax regime.
01:34This indicates that the interest of taxpayers is increasing in the new income tax regime.
01:40You know that the new regime started in 2020 and after that, the income tax payers did not
01:45have much interest in it for a year or two.
01:48But now if we look at 2023-2024 and if we talk about it now, then people's interest
01:53is also increasing in it.
01:55Now, on February 1, the finance minister announced zero tax on the income of Rs 12 lakh.
02:01And this announcement has been made under the new tax regime.
02:05At the same time, he has also changed the slabs in the new regime.
02:09Due to the change in the slab, the tax on the taxpayers has decreased a lot in the new
02:14regime.
02:16And as the interest of taxpayers increases in this regime, the need for the old regime
02:21will automatically end.
02:23Now, in such a situation, there is a big question for those who have not kept a home loan.
02:28Because the old regime is still beneficial for those who have a home loan.
02:32If a taxpayer has taken a home, the tax on it decreases a lot due to the reduction in
02:37it.
02:38Many taxpayers are only interested in buying a house by taking a home loan because
02:43first of all, their tax is reduced and secondly, their dream of having a house is also fulfilled.
02:48So, in such a situation, the tax experts say that the old regime will continue for such
02:52people.
02:53That is, if you have a home loan, then you have the option that you can choose the old
02:57regime.
02:58But the government's goal is not to officially end the old tax regime.
03:03But by expanding its scope, for example, if the income of Rs 12 lakh is taxed for them,
03:09then most people will choose the new tax regime themselves.
03:13That's all in the video.
03:14What do you think?
03:15Tell us by commenting.
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