Budget 2025 Expectations LIVE: Will there be income tax relief to boost money in hand, consumer demand

As Budget 2025 draws near, many taxpayers, especially those in the middle class, are keeping their fingers crossed for some tax relief from the government. Experts predict that the government might lighten the tax load for individuals. In this article, we’ll dive into what kind of income tax cuts we can expect in Budget 2025.

The first part of Parliament’s Budget session is confirmed to begin on January 31 and end on February 13, 2025. The second part will commence on March 10 and conclude on April 4, 2025.

Date and time of Budget 2025

Sitharaman will present the Union Budget 2025 in Parliament on February 1, 2025. Her speech will start at 11 am in the Lok Sabha.

The Union budget will be broadcast on the official channels of the Parliament, Doordarshan, and Sansad TV. It will also be streamed on the government’s official YouTube channels.

The Union Budget 2025 is expected to bring significant tax relief to ease the financial burden on the middle class, grappling with rising inflation and living costs. Here’s a glimpse of the proposed changes:

• More money in your pocket: The basic exemption limit will increase from Rs. 3 lakh to Rs. 5 lakh, offering small taxpayers greater savings.

• Simpler tax filing: Introducing the Indian Direct Tax Code will simplify filing and compliance for direct taxes, making the process hassle-free.

• Standard deduction boost: The standard deduction is expected to increase, reducing the tax liability for salaried individuals.

• New tax slabs: A 25% tax slab may be introduced for incomes ranging from Rs. 15 lakhs to Rs. 20 lakhs.

• Relief for higher earners: The 30% tax slab threshold, currently at Rs. 15 lakhs, might be raised to Rs. 20 lakhs.

These measures aim to provide much-needed financial relief to the middle class and salaried taxpayers.

As we pursue the vision of Atmanirbhar Bharat, it is vital to not only promote indigenous technology but also ensure it reaches the people it is intended to serve, particularly through initiatives like Ayushman Bharat. Government support for Indian innovation will help make medical technologies both affordable and accessible to the masses

Sudhir Srivastava, Founder, Chairman, and CEO, SS Innovations.

We do believe that the starting point of the budget will be the fiscal deficit and efforts will be made to lower the ratio by 0.5% to probably close to 4.3-4.4% of GDP for FY26

Madan Sabnavis, Chief Economist of Bank of Baroda.

Achieving India’s $5 trillion economy vision requires innovation-driven policies, investments in emerging technologies, and the development of products “in India, for India and the world.Harris also stressed the importance of key growth drivers like smart manufacturing, AI, digital transformation, and software-defined vehicles (SDVs), urging government support through incentives for R&D, skill development, and infrastructure enhancement.

CEO and MD Warren Harris , TCS

Expectations for India’s Union Budget 2025 from startups focus on growth, innovation, and sustainability. Expanded government-backed venture funds for capital access are key. Simplifying taxation beyond the abolition of Angel Tax is crucial. Promoting startups in new technologies like AI, IoT, and robotics requires specialized funds for high-tech sectors. Faster approvals and reduced bureaucratic hurdles, especially at the State level, are also sought.

Ninad Karpe, Founder and Partner at 100X.VC

As India’s Union Budget 2025 draws near, everyone’s buzzing with excitement. Economists are saying we should focus on growth instead of cutting back on spending. They aim to reduce the fiscal deficit to below 4.5% by 2026. Some big tax changes are coming, like raising the basic exemption limit from Rs. 5 lakhs to Rs. 10 lakhs. They’re also pushing for a new tax regime. Different sectors have their own hopes, like more support for manufacturing, recognizing the real estate sector as an industry, and investing in infrastructure. They’re also looking at ways to create jobs, especially through the National Employment Policy, and helping startups and MSMEs grow.