{"id":5282,"date":"2025-01-24T17:00:45","date_gmt":"2025-01-24T17:00:45","guid":{"rendered":"https:\/\/www.paytmmoney.com\/blog\/?p=5282"},"modified":"2025-01-24T17:00:45","modified_gmt":"2025-01-24T17:00:45","slug":"taxpayers-expectations-from-union-budget-fy25-26-a-wishlist","status":"publish","type":"post","link":"https:\/\/www.paytmmoney.com\/blog\/taxpayers-expectations-from-union-budget-fy25-26-a-wishlist\/","title":{"rendered":"Taxpayers’ Expectations from Union Budget FY25-26: A Wishlist"},"content":{"rendered":"

As the Union Budget for FY25-26 approaches, taxpayers across India are buzzing with anticipation. Every year, individual taxpayers, professionals, and businesses eagerly await announcements in the Union Budget that could impact their financial landscape. Let’s delve into the collective aspirations of taxpayers this budget season.<\/span><\/p>\n

1. Increase in Basic Exemption Limit<\/b><\/h2>\n

Current Scenario: The basic exemption limit stands at \u20b92.5 lakh for individuals below 60 years.\u00a0<\/span><\/p>\n

Taxpayers are advocating for this threshold to be raised to \u20b95 lakh, aligning with inflation and increasing living costs. Source: <\/span>ET<\/span><\/a><\/p>\n

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2. Rationalization of Income Tax Slabs<\/b><\/h2>\n

Current Scenario: The existing tax slabs impose a 5% tax on income between \u20b92.5 lakh and \u20b95 lakh, 20% on \u20b95 lakh to \u20b910 lakh, and 30% on income above \u20b910 lakh.\u00a0<\/span><\/p>\n

Taxpayers hope for a reduction in these rates to increase disposable income and stimulate consumption. Source: <\/span>ET<\/span><\/a><\/p>\n

3. Enhancement of Section 80C Deduction Limit<\/b><\/h2>\n

Current Scenario: Section 80C allows deductions up to \u20b91.5 lakh on specified investments and expenditures.\u00a0<\/span><\/p>\n

Given the rising cost of living and the need to encourage savings, there’s a strong demand to increase this limit to \u20b92.5 lakh.<\/span><\/p>\n

Example: If Ramesh invests \u20b93 lakh in eligible instruments under Section 80C, currently, he can only claim a deduction of \u20b91.5 lakh. An enhanced limit would allow him to benefit from the full investment.<\/span><\/p>\n

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4. Simplification of Tax Compliance Procedures<\/b><\/h2>\n

Current Scenario: Taxpayers often grapple with complex filing procedures and frequent changes in compliance requirements. There’s a pressing need for streamlined processes, reduced paperwork, and more investments into user-friendly digital platforms to ease the compliance burden. Source: <\/span>PwC<\/span><\/a><\/p>\n

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5. Incentives for Digital and Green Investments<\/b><\/h2>\n

Current Scenario: With a global shift towards sustainability and digitalization, taxpayers expect incentives for investments in green technologies and digital infrastructure. This includes tax rebates on electric vehicle purchases, solar installations, and digital upskilling courses.<\/span><\/p>\n

Example: Seema plans to install solar panels costing \u20b92 lakh. A tax rebate of 30% would reduce her tax liability by \u20b960,000, making the investment more attractive.<\/span><\/p>\n

Conclusion<\/b><\/p>\n

As the Finance Minister prepares to unveil the Union Budget FY25-26, these expectations reflect the collective voice of the nation. Addressing them could lead to increased taxpayer satisfaction, higher compliance, and a boost to the economy. While not all demands may be met, even incremental changes can pave the way for a more prosperous and equitable financial future.<\/span><\/p>\n

Disclaimer:\u00a0<\/b>Investments in the securities market are subject to market risks, read all the related documents carefully before investing. This content is purely for investor awareness, entertainment and information purpose only and in no way to be considered as an advice or recommendation. Paytm Money Ltd SEBI Reg No. Broking \u2013 INZ000240532, Depository Participant – IN – DP – 416 – 2019, Depository Participant Number: CDSL \u2013 12088800, NSE (90165), BSE (6707), Regd Office: 136, 1st Floor, Devika Tower, Nehru Place, Delhi \u2013 110019. For more details, please visit <\/span>https:\/\/www.paytmmoney.com<\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

As the Union Budget for FY25-26 approaches, taxpayers across India are buzzing with anticipation. Every year, individual taxpayers, professionals, and businesses eagerly await announcements in the Union Budget that could impact their financial landscape. Let’s delve into the collective aspirations of taxpayers this budget season. 1. Increase in Basic Exemption Limit Current Scenario: The basicContinue reading “Taxpayers’ Expectations from Union Budget FY25-26: A Wishlist”<\/span><\/a><\/p>\n","protected":false},"author":45,"featured_media":5286,"comment_status":"open","ping_status":"open","sticky":false,"template":"single-classic-ns.php","format":"standard","meta":{"footnotes":""},"categories":[7,34],"tags":[],"class_list":["post-5282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights","category-union-budget-2025"],"_links":{"self":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/posts\/5282","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/users\/45"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/comments?post=5282"}],"version-history":[{"count":0,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/posts\/5282\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/media\/5286"}],"wp:attachment":[{"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/media?parent=5282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/categories?post=5282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paytmmoney.com\/blog\/wp-json\/wp\/v2\/tags?post=5282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}