Lagatar24 Desk
New Delhi: With Union Budget 2025 set to be presented on February 1, Prime Minister Narendra Modi’s remarks during the Budget session have sparked speculation about potential income tax relief for the middle class.
While addressing the media, PM Modi invoked Goddess Lakshmi, stating, “I pray that Goddess Lakshmi showers the poor and middle class with blessings.” He emphasized India’s progress in 75 years of democracy and reiterated his vision for a ‘Viksit Bharat’ by 2047, highlighting innovation, inclusion, and investment as key pillars of economic growth.
Will Budget 2025 Offer Tax Relief?
The PM’s mention of the middle class just a day before the Budget presentation has led to speculation that tax relief measures may be on the horizon. Taxpayers and experts have long advocated for:
• Reduction in income tax rates to ease the burden on salaried individuals.
• Revised tax slabs under the new tax regime for better financial flexibility.
• An increase in standard deduction to boost disposable income and drive consumption.
Given the recent GDP slowdown to a two-year low of 5.4%, economists argue that income tax cuts could stimulate demand and economic growth.
Nirmala Sitharaman’s Eighth Budget
This will be Finance Minister Nirmala Sitharaman’s eighth Union Budget and the second of the Modi 3.0 government. With growing expectations, all eyes are now on her Budget speech to determine whether FY 2025-26 will ease the tax burden on the middle class.
