Union Budget 2025 | Expect tax relief: Dhruv Chopra, Managing Partner, Dewan P N Chopra & Co

'Taxpayers are hoping for an enhanced rebate for lower-income individuals and an increase in the basic exemption limit under both tax regimes to help offset inflation,' he said.

The Union Budget for the upcoming financial year is all set to be presented on February 1, 2025, by Finance Minister Nirmala Sitharaman. According to reports, the Narendra Modi government may consider slashing income tax for individuals earning up to Rs 15 lakhs per annum and extend the tax relief bracket in a bid to provide relief to the middle class and boost consumption.

"The upcoming Budget is expected to provide tax relief while balancing the government’s need to maintain revenue," Dhruv Chopra, Managing Partner, Dewan P N Chopra & Co said.

He added,"Taxpayers are hoping for an enhanced rebate for lower-income individuals and an increase in the basic exemption limit under both tax regimes to help offset inflation. To help conserve taxpayers' resources, the turnover limit for taxation on a presumptive basis under Sections 44AD (for businesses) and 44ADA (for professionals) should be increased."

For those looking to buy homes, Chopra said "Homebuyers may benefit from higher interest deduction limits on housing loans under Section 24(b). The deduction should be allowed for the full interest paid, at least for one house, or the current limit of Rs. 2 lakh should be increased to Rs. 3 lakh."

He continued, "Faceless assessments and appeals are highly appreciated. However, there is a significant backlog in the completion of faceless appeal disposals, which needs to be expedited in a time-bound manner. The TDS process for non-resident property sellers, which is currently cumbersome, is also expected to be simplified."

Union Budget 2025 | Nirmala Sitharaman, who continues to be Finance Minister, will present her record 8th Union Budget this time. While inflation has burnt a hole in the pockets of 'aam janata', reports suggest there might be a tax relief for those making up to Rs 15 lakh per year. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.