New Delhi:
Today the budget session of Parliament has started. The Economic Survey 9economic Survey 2025 was introduced with the start of the budget session on 31 January, Friday (Budget Budget Session 2025). After this, Finance Minister Nirmala Sitharaman will present the Budget-2025 (Union Budget 2025) on 1 February. There are many expectations of different classes from this budget of the Center. In the last few months, the Finance Ministry had held meetings with different organizations and associations. The associations have also given their expectations separately, while the common man is also expecting relief from the budget, especially the middle class taxpayers.
Experts also believe that the upcoming budget should focus on measures to promote consumer spading. This will reduce the tax burden and promote disposable income.
Tax structure review
By September 2024, GDP has reduced due to 62% stake consumption, increased inflation in later months and declining consumer demand. In such a situation, members of business organization FICCI have also supported a review of direct tax structure with the objective of increasing demand and promoting growth.
FICCI had conducted a survey among its members recently. According to this, it is necessary to reconsider tax slab and tax rates again, because it can bring more money in people’s hands and increase demand for consumption in economy.
FICCI conducted this budget-pre-survey between December 2024 and January 2025, with more than 150 companies in different regions. The members in the survey hope that the GDP growth rate of the country in the new FY 2025-26 can be 6.5% to 6.9%.
Texpears live in confusion
Due to the existing two tax system, taxpayers have to choose one of the Old Tax Reseam or new Default Tax Reset. According to data from the Income Tax Department, about 72% of the assessment year 2024-25 was filed under the ITR New Tax Resetam. That is, out of 9 crore taxpayers, about 6.5 crore Income Taxpayers chose New Tax Reseam and about 2.5 crore people chose Old Tax Rejem. However, out of 6.5 crore, more than 70% taxpayers reported taxable income of Rs 5 lakh or less.
Income Tax Expert CA Amit Ranjan believes that most individual taxpayers, especially employed people, do their tax liability calculations without the help of professionals. In such a situation, it becomes difficult for them to choose which tax is more beneficial. Making tax structure can provide some relief
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Emphasis on these subjects also
In the survey of FICCI, the respondents also called upon to simplify the tax system, encourage green technology/ renewable and development of electric vehicles as well as a strong policy steps to make compliance easier through digitization.
In this survey, emphasis has also been laid on providing tax certification, reviewing custom duty and rationalizing TDS provisions.