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Budget 2025 Expectations: What's In Store For Taxpayers Under The New Tax Regime?

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
While the current regime offers concessional tax rates and restricts the ability to claim the majority of exemptions and deductions, the previous system gave taxpayers the opportunity to claim a variety of exemptions and deductions.
The article from Goodreturns discusses expectations for Budget 2025 concerning the new tax regime in India. It highlights that taxpayers are hopeful for adjustments in tax slabs, an increase in the basic exemption limit, and possibly more deductions under the new tax regime to make it more attractive. There is a particular interest in simplifying the tax structure, reducing the tax burden on the middle class, and providing relief for salaried individuals through changes like raising the standard deduction or introducing new allowances. Additionally, there's an anticipation for clarity on how capital gains will be taxed under the new regime, with expectations for rationalization of tax rates on long-term and short-term capital gains. The article also mentions the potential for expanding the scope of Section 80C to include more investment options or increasing the current limit. Overall, the focus is on making the new tax regime more beneficial and less complex for taxpayers.

Read the Full Goodreturns Article at:
[ https://www.goodreturns.in/personal-finance/planning/budget-2025-expectations-what-s-in-store-for-taxpayers-under-the-new-tax-regime-1401019.html ]