As the Union Budget 2025 approaches, India’s salaried class is eagerly anticipating potential income tax rebates.
With the economic challenges posed by inflation and rising living costs, many are hoping for relief in the upcoming budget.
Tax Relief Expectations of Salaried Class from Union Budget 2025
Finance Minister Nirmala Sitharaman’s move to revise the income tax slabs is seen as a potential lifeline for the middle class.
Currently, individuals earning between Rs 3 lakh and Rs 7 lakh pay a 5% income tax under the new regime.
Families with annual incomes below Rs 8 lakh are struggling to make ends meet. There is a strong demand for revised tax slabs to provide relief to lower income groups.
Papiya Dey, a homemaker and private professional, highlighted the need to curtail indirect taxes on social welfare.
For instance, the 18% GST on medical insurance schemes adds to the financial burden of the tax-paying class. They do not receive social security covers from the government.
Business Community’s Perspective
The Federation of Jharkhand Chamber of Commerce and Industries (FJCCI) emphasized the importance of commissioning more mineral-based industrial plants in Jharkhand to boost the state’s economy.
FJCCI vice-president Rahul Saboo also stressed the need for the Centre to push for the development of Jharkhand’s tourism landscape.
Lohardaga MLA Rameshwar Oraon, who served as the state’s finance minister between 2019 and 2024, suggested imposing heftier corporate taxes.
He believes this will increase revenue.
He also called for tax rebates for lower income groups and new projects to improve railway connectivity.
Note: We are also on WhatsApp, LinkedIn, Google News, and YouTube, to get the latest news updates, Subscribe to our Channels. WhatsApp– Click Here, Google News– Click Here, YouTube – Click Here, and LinkedIn– Click Here.
