Vikrant Shekhawat : Feb 01, 2025, 10:26 AM
Income Tax Budget: Finance Minister Nirmala Sitharaman will present the general budget on 1 February 2025. The budget session has started and the government has also presented the Economic Survey for the financial year 2024-25. Now the people of the country are eagerly waiting for the budget. Discussions have intensified regarding which sectors the government can boost in the budget and what new announcements it can make. Some indications have also been received from the government, from which it can be guessed how this budget will be for the common man and the salary class.Taxpayers will benefitThe government can change the tax slab to provide relief to taxpayers in the general budget. To make the new tax regime more attractive, the government can consider increasing the limit of income tax exemption. Its purpose is that more and more people adopt the new tax regime, which will strengthen the country's economy. If the income tax limit increases, the employed and the middle class will get direct benefit and they will have more disposable income available, which will also boost the economy.Control over food inflationTo control inflation, the government can announce cheaper food items. This will provide great relief to the general public. The government can cut taxes on essential commodities and can also decide to give subsidy on some products.Promotion of health sectorThe government is working on the target of providing health insurance to all citizens by 2047. In this direction, a discount on health insurance can be announced in Budget 2025. Apart from this, special provisions can be made to improve the infrastructure of government hospitals, launch new health schemes and control the prices of medicines. This will provide affordable and better health facilities to the common citizens.Other possible announcementsRelief in the real estate sector: The tax exemption limit on home loans can be increased, which will benefit people planning to buy a house.Support to Startups and MSMEs: The government may announce special schemes for small and medium enterprises, which will give a boost to new startups.Education and Skill Development: New provisions can be made to promote education and digital learning. The government can focus more on training the youth under the skill development program.ConclusionIn Budget 2025, the government can make many important announcements to provide relief to the middle class, salaried class and common man. Steps like tax exemption, control of food inflation and strengthening the health sector can be included in the budget. Now all eyes are on the budget announcement to be made on February 1, in which Finance Minister Nirmala Sitharaman will decide the economic direction of the country.