Income Tax Budget 2025 LIVE: Big tax changes ahead? Expectations for Standard Deduction hike and new tax slabs from FM

Income Tax Budget 2025 LIVE: Standard Deduction to be raised to ₹1 lakh from ₹75,000 under New Tax Regime?

Income Tax Budget 2025 LIVE: There are high expectations that the government may increase the standard deduction from ₹75,000 to ₹100,000 in the upcoming budget, providing greater relief to taxpayers opting for the new tax regime. Notably, the standard deduction limit under the Old Tax Regime has remained unchanged for many years. Currently, taxpayers opting for the old regime still receive a standard deduction of ₹50,000.

Income Tax Budget 2025 LIVE: Key changes in Income Tax Act

Income Tax Budget 2025 LIVE: According to a Bloomberg report, citing sources, the government may introduce certain changes in the Income Tax Act in the Union Budget 2025,

These changes are likely as follows:

-Simplifying income computation by replacing complex structures with formulas.

-Consolidating the terms “assessment year” and “financial year” into a single definition of “tax year.”

-Reducing the number of forms taxpayers need to submit for tax returns, with these forms available online.

-Using tabular representations for easier understanding, especially for taxpayers with similar profiles.

Income Tax Budget 2025 LIVE: Government Receives Over 6,500 Suggestions from Stakeholders on New Income Tax Act

Income Tax Budget 2025 LIVE: In budget 2024, Nirmala Sitharaman announced a comprehensive review of the Income Tax Act, 1961, within six months. The government has received more than 6,500 suggestions from stakeholders, and 22 specialised committees are reviewing various aspects of the Act.

“The new Income Tax law will be introduced in the Budget session of Parliament. It will be a new law and not an amendment to the existing Act. Currently, the draft law is being vetted by the law ministry and it is likely to be brought in Parliament in the second half of the Budget session,” reported PTI.

Income Tax Budget 2025 LIVE: Focus on senior citizens

Income Tax Budget 2025 LIVE: Experts anticipate that this year’s Union Budget will offer increased financial support to senior citizens, addressing their unique needs. The government may raise exemption limits and provide enhanced tax benefits for healthcare and savings. Such measures would offer much-needed relief, considering the growing medical expenses and the importance of long-term savings for senior citizens.

Income Tax Budget 2025 LIVE: Relief For Middle Class? Here Are Expectations

Income Tax Budget 2025 LIVE: Pankaj Mathpal, MD & CEO at Optima Money Managers, listed out three income tax changes by FM Nirmala Sitharaman that could benefit the middle class

1)Standard deduction: The government may consider some changes in the new tax regime. The standard deduction for salaried employees and pensioners, currently ₹75,000, could be increased to ₹1 lakh

2)Income tax rebate: A resident with an income not exceeding ₹7 lakh is eligible for a rebate under Section 87A of the Income Tax Act, effectively making income up to ₹7 lakh tax-free. “This limit may be increased by ₹1 lakh, raising the tax-free income threshold to ₹8 lakh,” added Mathpal.

3)New tax slabs

Income up to ₹4 lakh – Nil

₹4 lakh to ₹8 lakh – 5%

₹8 lakh to ₹10 lakh – 10%

₹10 lakh to ₹12 lakh – 15%

₹12 lakh to ₹15 lakh – 20%

Above ₹15 lakh – 30%

Income Tax Budget 2025 LIVE: PM Modi hints at special provisions for middle class

Income Tax Budget 2025 Live: Prime Minister Narendra Modi hinted at the possibility of a generous Budget for the poor and middle classes.

Modi invoked the Hindu goddess of riches when he claimed he prayed to Lakshmi to be particularly kind to the middle class and the impoverished.

Income Tax Budget 2025 LIVE: FM gave final touches to Budget document last evening

Income Tax Budget 2025 Live: FM Nirmala Sitharaman gave the Budget document the final toucheson Friday evening ahead of the presentation.

“Union Minister for Finance and Corporate Affairs Smt. @nsitharaman interacts with the Secretaries and the senior officials involved in the Budget making process @FinMinIndia while giving final touches to the Union Budget 2025-26 at her office in North Block, in New Delhi, today,” the finance ministry said in a post on X.

Income Tax Budget 2025 LIVE: Are banks closed today for Union Budget 2025?

Income Tax Budget 2025 LIVE: Banks are usually open on the first, third, and fifth Saturdays of a month, while they are closed on all second and fourth Saturdays as well as on all Sundays. Since Budget Day (February 1, 2025) is the first Saturday, banks will remain open nationwide.

Income Tax Budget 2025 LIVE: Are Indian stock markets closed today on February 1

Income Tax Budget 2025 LIVE: The Indian stock market will remain open on February 1, 2025, despite being a Saturday. Leading stock exchanges BSE and NSE will observe regular trading activities on account of Union Budget 2025-26 today. The Indian stock market is usually closed on Saturdays and Sundays.

Income Tax Budget 2025 LIVE: Follow our budget blog here

Income Tax Budget 2025 LIVE: Follow our budget 2025 live blog here. We bring you all budget announcements and expectations.  Track the latest updates here

Income Tax Budget 2025 LIVE: Interesting facts about Halwa ceremony

Income Tax Budget 2025 LIVE: Halwa ceremony is a traditional ceremony in which every year, “halwa”, a traditional Indian dessert, is prepared and served to officials and staff members of the finance ministry who are involved in preparing the budget. It is one of the longest-standing traditions still followed by the government.

Income Tax Budget 2025 LIVE: A change in tax slabs on cards?

Income Tax Budget 2025 LIVE: According to reports, the government may raise the tax-free annual income ceiling to ₹10 lakh and propose a modification in tax slabs in the upcoming Union Budget 2025. By raising the income tax threshold and enabling people to keep a bigger percentage of their wages, this proposed action might significantly benefit middle-class taxpayers.​​

Income Tax Budget 2025 LIVE: Will FM Sitharaman announce a new Income Tax Act?

Income Tax Budget 2025 LIVE: During her Budget 2024 speech, Union Finance Minister Nirmala Sitharaman announced that the income tax law would undergo a comprehensive review to make it more concise, easier to read, and understand. The goal, she said, was to reduce disputes and litigation and provide greater tax certainty for taxpayers. Initially expected to be completed within six months, the review had a deadline of January 23, 2025.

As the Finance Minister is all set to present the Union Budget 2025 on February 1, many wonder if we can expect the revamped legislation with new provisions. In her 2024 speech, Sitharaman also highlighted that the Finance Bill had already made strides in simplifying the tax regime for charities, restructuring the TDS rate, and making changes to reassessment, search provisions, and capital gains taxation.

With the review deadline now passed, all eyes will be on whether the Finance Minister will introduce these changes in the tpday’s budget.

Income Tax Budget 2025 LIVE: Will FM Nirmala Sitharaman provide tax relief to middle class taxpayers?

Income Tax Budget 2025 LIVE: Over the years, the middle class has shouldered a big part of the tax burden, with individual tax collections doubling from ₹4.8 lakh crore in FY21 to ₹10.4 lakh crore in FY24. This year, experts are hoping for much-needed relief. Will FM Nirmala Sitharaman give tax relief to the middle class? All eyes are on her budget announcements that will start from 11 am today.

Income Tax Budget 2025 LIVE: Experts urge tax revisions and infrastructure investments

Income Tax Budget 2025 LIVE: The 2025 Union Budget presents a critical opportunity to address key challenges in the real estate sector, especially as rising home prices and borrowing costs have begun to affect buyer sentiment.

“A reduction in tax rates and direct tax slab revisions can directly enhance purchasing power, encouraging homeownership and boosting sales. Continued investments in infrastructure, such as improved road connectivity and logistics, will unlock new real estate hotspots and add long-term value to property markets. With the right balance of growth-focused measures and targeted initiatives, this budget can lay the groundwork for the sector to achieve its $1 trillion potential by 2030, ensuring economic growth and housing accessibility for all,” said Amit Jain, Chairman & Managing Director, Arkade Developers Limited.

Income Tax Budget 2025 LIVE: Salaried individuals hope for income tax relief amid growing expectations

Income Tax Budget 2025 LIVE: Salaried individuals eagerly anticipate potential relief in income tax rates.

Every year, taxpayers are required to adapt to new rules introduced in the budget, which can disrupt long-term financial planning. The New Tax Regime, designed to encourage consumption, has already been made more attractive for non-savers. However, experts like Sudhir Kaushik, Co-Founder & CEO of Taxspanner, argue that tax savers should not be forced into the new regime. Kaushik believes that allowing taxpayers to choose the regime that best fits their financial goals would be a more democratic approach, as it would prevent the pitfalls of simplified tax systems that don’t account for future financial responsibilities.

Income Tax Budget 2025 LIVE: ​New Tax Regime slab rates

Income Tax Budget 2025 LIVE: A look at the income tax slabs offered under the new tax regime:

Up to ₹3 lakh – Nil

₹3 lakh to ₹7 lakh – 5%

₹7 lakh to ₹10 lakh – 10%

₹10 lakh to ₹12 lakh – 15%

₹12 lakh to ₹15 lakh – 20%

Above ₹15 lakh – 30%

Income Tax Budget 2025 LIVE: Old tax regime slab rates

A look at the income tax slabs offered under the old tax regime:

​Up to ₹2.5 lakh – Nil

2.5 lakh to ₹3 lakh – 5%

₹3 lakh to ₹5 lakh – 5%

₹5 lakh to ₹10 lakh – 20%

Above ₹10 Lakh – 30%​​​​​​​

Income Tax Budget 2025 LIVE: When did India adopt Digital Budget Format?

Income Tax Budget 2025 LIVE: The Modi government embraced digitalisation by switching to an online budget presentation format in 2021. This shift to a digital format not only ensured transparency but also helped in making the entire budget process more accessible and eco-friendly.

Income Tax Budget 2025 LIVE: Union Budget Presentation date changed to February 1 by Modi Government in 2017

Income Tax Budget 2025 LIVE: Since coming to power in 2014, the Narendra Modi government has introduced several significant changes to India’s budgetary practices. One of the most notable reforms was moving the Union Budget presentation date from the end of February to February 1. This shift was implemented in 2017.

Income Tax Budget 2025 LIVE: Who holds the record for delivering longest budget speech in Parliament?

Income Tax Budget 2025 LIVE: FM Nirmala Sitharaman will address the parliament at 11 am on Saturday, 1 February. Her 2020–21 budget address was the longest in Indian history, lasting more than two hours and forty-two minutes. She could have extended the budget address but had to cut it short because of health concerns. Lok Sabha Speaker Om Birla read the final two paragraphs of the speech.

Income Tax Budget 2025 LIVE: Deductions allowed in the new tax regime

1)Standard deduction: A standard deduction of ₹75,000 from salary is given

2)NPS: One can also claim a deduction under section 80CCCD (2) for the employer’s contribution to employee NPS accounts.

Income Tax Budget 2025 LIVE: Deductions/exemptions under the old tax regime

1)Standard deduction: Deduction of ₹50,000 is allowed

2)House Rent Allowance

3)Section 80C: These include exemption towards investment made in Equity Linked Saving Schemes (ELSS), PPF (public provident fund), payments made towards life insurance premiums, principal sum of a home loan, etc. The total limit of these deductions is capped at ₹1.5 lakh in a financial year.

4)Section 80D: Deduction towards health insurance premium, and the maximum limit is ₹25,000.

5)Section 80DD: The maximum deduction amount allowed is ₹75,000 for the medical treatment, training, and rehabilitation of a dependent with a disability.

6)Section80 CCD (1): This deduction is allowed for the investment made towards your NPS account

7)Section 80G: This deduction is allowed for giving donations given to charity.

Income Tax Budget 2025 LIVE: When and where to watch FM Nirmala Sitharaman’s budget Speech?

Income Tax Budget 2025 LIVE:At 11 AM, FM Nirmala Sitharaman will begin her remarks. Live broadcasts of the Union Budget 2025 presentation will be available on Doordarshan, Sansad TV, the official channels of Parliament, the official YouTube channels of the government, and X handles. The budget speech will be live-streamed and covered by Livemint.

Income Tax Budget 2025 LIVE: Economic Survey 2024-25 Projects India’s GDP Growth at 6.3-6.8% in FY26

The Economic Survey 2024-25 paints a picture of India’s growth trajectory that shows a slowing down after the pandemic-induced rebound. With projections of 6.3-6.8% GDP growth in FY26, this is a notable dip compared to the strong 8.2% growth in FY24. While the economy is still expanding, the lower growth estimate signals challenges ahead, especially in reaching the desired near 8% annual growth rate required to fulfill India’s vision of becoming a “Viksit Bharat” (developed country) by 2047.

Income Tax Budget 2025 LIVE: What middle class wants from FM Sitharaman

Income Tax Budget 2025 LIVE: Union Finance Minister Nirmala Sitharaman has tabled the Economic Survey in the Lok Sabha. She will present the Union Budget for FY 2025-26 today, February 1, 2025, at 11 a.m. The Indian middle class and taxpayers hope that it will include significant income tax breaks and reliefs.