New Delhi:
57 percent of taxpayers want a cut in income tax rates in the General Budget 2025-26. This has come to light in the Pre-Budget Survey of Grant Thornton India conducted before the budget. The budget will be presented in Parliament by Finance Minister Nirmala Sitharaman on February 1.

According to a survey conducted by consulting and service firm Grant Thornton India, 57 percent people were in favor of reducing income tax rates. At the same time, 25 percent people were in favor of more tax exemption.

72 percent people chose the new tax regime

According to the latest data, a large number of taxpayers have adopted the new personal tax (default) regime. At present, 72 percent people have chosen the new tax regime, while only 28 percent people remain in the old tax regime.

The survey revealed that 46 percent people are in favor of reducing the tax rates to make the new tax regime more attractive. 26 percent believe that the tax exemption limit should be increased.

Demand for increase in tax exemption under old tax regime

The survey revealed that despite the government indicating that the old tax regime may be abolished in the future, 63 percent of taxpayers still want an increase in the tax exemption available under the old tax regime.

According to Grant Thornton India’s Pre-Budget Survey, 38 percent people want the option to pay taxes through foreign banks, which will make compliance easier for NRIs. Foreign banks are also required to handle tax refunds better and use e-verification along with sending OTP to foreign mobile numbers for taxpayers living abroad.

Demand for increase in income limit for filing tax returns

The survey further said that in the context of domestic tax, 56 percent people demanded increase in the income limit for filing tax returns to reduce the tax burden on small taxpayers. of.

About 32 per cent of people desired a reduction in the additional tax applicable in case of updated tax returns and 12 per cent wanted an extension in the time limit provided for filing Revised Income Tax Returns. Expressed.

Also read- Budget 2025: Good news for taxpayers, income up to Rs 10 lakh can be tax-free, announcement of new tax slab of 25% is possible.

Change in income tax slab expected in Budget 2025, can taxpayers get exemption?