Budget 2025: Union Finance Minister Nirmala Sitharaman presented the country’s budget in Parliament. Many important and big announcements were made in this budget presented for FY 2025-26. In this budget, special attention has been taken to the middle class and farmers especially. The government announced to completely tax free income of up to Rs 12 lakh under the new tax regime. However, there was no announcement of any kind under the old tax system. In such a situation, now a big question is arising whether the government is making the idea of abolishing the old tax regime?
75 percent taxpayer comes under new tax system
Finance Minister Nirmala Sitharaman presented the government’s side on the big question arising about the Old Tax Regime in a press conference organized after presenting the budget. He said, “75 percent taxpayers across the country have already left the old tax system and have come into the new tax system. We hope that gradually all the taxpayers will leave the old tax system and come into the new tax system. ”Nirmala Sitharaman did not talk about abolishing the Old Tax Resetam. But it is clear from his words that the government is not considering to end the old tax system.
Investment tension to save tax will end
Legendary tax expert and CA Balwant Jain told India TV that New Tax Reseam is a better step, whose income is up to Rs 12 lakh, there is no need to think now. Now such people can choose a new tax regime without taking the tension of investment to save tax. He said, “If there is a question in a person’s mind that the tax exemption on home loan will be reduced, then I say to them that we buy a house to live, not to save tax.” In terms of this, this budget was given 8 out of 10 numbers. Balwant Jain said that while on the one hand, more money will be saved in the hands of the common man, on the other hand, the speed of GDP will also increase.
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