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Income Tax in Budget 2025: Today’s date is 1 February 2025. That is, the general budget of FY 2025-26 is going to be presented in Parliament today. A day earlier, Prime Minister Narendra Modi has given some indications related to this budget. He said that mother Lakshmi is blessed on the poor and middle class. The PM had said, “The budget presented tomorrow will create new faith in the country.” The PM’s expectations of income tax exemption have been further strengthened by the PM. It is believed that in this budget, Finance Minister Nirmala Sitharaman can announce tax free of income up to Rs 10 lakh. Crores of taxpayers of the country have been demanding to increase tax free income for a long time. People will save more money due to income tax exemption. This will increase consumption and GDP will come up.

Right now income of up to Rs 7.75 lakh is tax free

At present, your income up to Rs 7.75 lakh is completely tax free. At present, no tax has to be paid on income up to Rs 7.75 lakh with standard deduction of 75 thousand rupees. At the same time, 30% tax is levied on income of more than Rs 15 lakh.

Those who earn up to 20 lakh rupees expect relief in tax

The government can provide tax relief to those with income up to Rs 20 lakh. This exemption will be given only to those who choose the new tax regime. Some media reports quoted sources as saying that two decisions can provide this relief. First- Income up to Rs 10 lakh should be tax free. Secondly, a new tax slab of 25% should be brought for those with income of 15 to 20 lakh rupees.

How much will the burden be on the government

Finance Minister Nirmala Sitaraman makes this announcement in the budget presented today, then the government will suffer a loss ranging from 50 thousand crore to 1 lakh crore rupees in the revenue. In the budget of 2023, the Modi government also gave relief in income tax to taxpayers. At that time, the tax exemption in Section 87A for taxpayers choosing a new tax regime at that time increased the tax exemption to Rs 7 lakh. Was done till

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