Union Budget 2025 is one of those budgets in recent years, in which the announcement made was already guessed. Especially the common man and taxpayers were expecting relief. The government’s focus has increased to make the complex tax system easier for many years old. This is a welcome step. Seeing this year’s budget, the government seems to be right of ‘Sabka Saath, Sabka Vikas, Sabka Vishwas’. The reason for this is that special care has been taken of taxpayers in this budget. It has tried to make the tax process easier.
Middle class big relief
Salared class in this budget (Salaried ClassFrom the owner of the house (Home Ownes) And measures have been taken to provide relief to people doing business. Efforts have been made to make the tax system easier and transparent for them. This is a positive step towards reform in the tax system, which benefits the common man and contributes to its economic growth. The biggest decision of this budget is to increase the range of exemption from income tax to Rs 12 lakh. This has reduced the tax burden on taxpayers earning 12 lakh annually. This will benefit millions of taxpayers, especially middle class families.
Every taxpayers will save money in their hands
Due to zero tax on income of up to Rs 12 lakh, people will save more money for spending in their hands. This will increase the consumption. People’s savings and investment will increase. This will promote economic growth. People with more than Rs 12 lakh will get a lot of relief. According to income, they will have saving from Rs 70,000 to Rs 1 lakh annually. Now the tax structure has become easier, which has given relief to people with different income groups. The government is going to introduce a new Income Tax Act. Its purpose is to make the tax system easier. The government has also changed the rules of TDS and TCS. This will reduce paperwork for individuals and businesses. This will promote the compliance.
Also read: Inox Tax: If income is Rs 12 lakh, then you will not have to file income tax returns?
Tax relief if there is more than one house
The government has given great relief to the owners of the house. Especially people who have more than one house have more relief. The government has allowed two houses to be considered as self-oxypayed population. This will reduce the tax burden on those who have more than one house. This will promote long -term investment in the real estate sector. The government is trying to create an inclusive tax system. This will benefit every taxpayers.
Santosh Joseph
(The author is the co-founder and CEO of Germanate Investor Services)