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Budget 2025 income tax: Hike basic exemption limit to Rs 5 lakh and reduce tax rates, says EY

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Finance Minister Nirmala Sitharaman is urged by EY to raise the basic income tax exemption limit from Rs 3 lakh to Rs 5 lakh and lower tax rates in the upcoming Budget 2025.
The article from MSN discusses EY's recommendations for the upcoming Budget 2025 in India, focusing on personal income tax reforms. EY suggests increasing the basic exemption limit from Rs 3 lakh to Rs 5 lakh under the new tax regime to provide relief to taxpayers. They also propose reducing tax rates to make the new tax regime more attractive, especially for middle-income groups. Additionally, EY recommends simplifying the tax structure by reducing the number of tax slabs and adjusting the tax rates to encourage compliance and boost disposable income. The article highlights the need for these changes to stimulate economic growth, increase consumer spending, and align with global tax practices.

Read the Full MSN Article at:
[ https://www.msn.com/en-in/news/other/budget-2025-income-tax-hike-basic-exemption-limit-to-rs-5-lakh-and-reduce-tax-rates-says-ey/ar-BB1r8PWv ]