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Live Updates | New Income Tax 2025-26, Budget 2025: Will FM Nirmala Sitharaman Provide Breather To Middle Class Tax Payers?
All eyes will be on the statements on taxes when Finance Minister Nirmala Sitharaman delivers her Union Budget speech on On Saturday (February 1, 2024). The central government led by Prime Minister Narendra Modi, is largely anticipated to give the common person some tax relief this year though, concerns have been voiced in the Economic Survey about difficulties on the fiscal front.
The industries, business sectors and market analysts are earnestly hoping that the NDA 3.0 government’s full budget will be on employment generation and inclusive growth.
The first leg of the Budget Session will began on January 31 and will end on February 13 while the second leg will begin on March 10 and end on April 4.
While on one hand the Industry expects Budget to provide thrust to boost the domestic economy holistically by leveraging all possible fiscal tools, the common man is pinning its hopes on the Finance Minister to bring an appreciable change in the tax bracket.
The Finance Minister is expected to continue with the government’s policy of stepping up investments in big-ticket infrastructure projects to spur growth and create more jobs in the economy in the Budget for 2025-26.
There may be sops for the middle class with some reduction in income tax rates to place more disposable income in the hands of the people to accelerate demand and give a further fillip to growth.