Quick Summary
Finance Minister Nirmala Sitharaman is set to present the full Union Budget for the fiscal year 2025 in the second half of July. Previously, in February, she presented an Interim Budget ahead of the Lok Sabha elections. With the new government in place, stakeholders from various industries are eagerly anticipating the comprehensive budget for FY 2024-25. High Hopes from Salaried TaxpayersSalaried taxpayers, a significant contributor to income tax revenue, are hopeful for favorable announc
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FAQ :
The full Union Budget for the fiscal year 2025 will be presented in the second half of July.
Government employees are anticipating the formation of the 8th Pay Commission to revise their salaries in line with the current cost of living.
Salaried taxpayers are hoping for a reduction in income tax rates and an increase in the Section 80C exemption limit.
The current tax exemption limit under Section 80C of the Income Tax Act is ₹1.5 lakh per annum.
There is a strong expectation for lower income tax rates to boost spending and potentially increase GST collections.
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