Will finance minister Nirmala Sitharaman give income tax rebate upto 10 lakh in budget 2025? Will finance minister Nirmala Sitharaman give income tax rebate upto 10 lakh in budget 2025?

New Delhi. Finance Minister Nirmala Sitharaman is going to present the budget on 1 February 2025. This time before the budget, a demand has gained momentum on social media platforms. This demand is to increase the exemption on income tax. People are demanding that income up to Rs 10 lakh should be completely kept out of income tax. Currently, under the new tax regime, employed people and pensioners do not have to pay income tax on annual income of Rs 7.75 lakh including standard deduction of Rs 75,000. The Finance Minister had announced tax exemption on this much income in the year 2023. There is talk that Finance Minister Nirmala Sitharaman may bring a new slab of 25 percent income tax on annual income between Rs 15 to 20 lakh.

Such news has come quoting sources that Finance Minister Nirmala Sitharaman will present new income tax rules during the budget. Under this, the old tax regime can also be abolished. Now how much substance is there in all these discussions and whether income up to Rs 10 lakh will be free from income tax under the new tax regime or not, will become clear only from the budget speech of the Finance Minister. However, if Finance Minister Nirmala Sitharaman exempts annual income up to Rs 10 lakh from income tax, then this will put more money in the hands of people and the economy can pick up pace with increased purchasing.

Like every time, this time also the Finance Minister can focus the budget on farmers, women and youth. Assembly elections are to be held in Delhi on 5 February. In such a situation, many populist promises can also be made in the budget. If relief is given in income tax, then it can also benefit BJP in Delhi elections. However, the government has free schemes for the poor like free ration and Ayushman Yojana. We also have to protect the country from Pakistan and China. There is going to be a huge pressure on Finance Minister Nirmala Sitharaman to open avenues for raising funds for them. Inflation not coming down to 4 percent can also have an impact on the budget. After 8 days, it will become clear on which items the Finance Minister provides relief to the common people and on which items she adopts the method of filling the government treasury.