Finance Minister Nirmala Sitharaman is going to present the upcoming budget of the country on February 1, 2025. In which some special announcement is possible. From common people to corporate world, this budget is waiting for Bracebree. This time it seems that the government can announce many big reliefs to people on the inflation and tax front. The biggest gift of these is likely to be received as a tax exemption.
1. Gift of tax exemption!
Under this, the government can tax free income up to Rs 10 lakh in the new regime. At the same time, there is a possibility of announcing the income between 15 lakh and 20 lakh rupees to be brought in a new tax slab of 25 percent instead of 30 percent. Apart from this, under the new regime, the basic Examination Limit can be increased to Rs 5 lakh. These announcements will inspire more and more people to adopt new tax regime.
2. Petrol and diesel will be cheap!
After this, the government can cut excise duty, assuming the recommendation of the CII to reduce the burden of inflation, which can reduce the prices of petrol and diesel. Currently, excise duty is imposed on petrol Rs 19.90 and Rs 15.80 on diesel.
3. PM Kisan Samman Nidhi will increase!
At the same time, it is expected to increase the amount of PM Kisan Samman Nidhi in this budget. In fact, the Standing Committee of Parliament has recommended to increase the Kisan Samman Nidhi from Rs 6 thousand to Rs 12000 from annually. In this scheme, at present, 2-2 thousand rupees are transferred to about 9 and a half crore farmers in 3 installments.
4. Budget will increase employment opportunities!
After this, there is a turn of employment associated analysis under which it is estimated that the government can bring a ‘Integrated National Employment Policy’ based on the recommendations of the CII, in which there is a plan to bring the schemes of all employment ministries on a platform. At the same time, an internship can also be announced for graduates in rural areas, under which an option of internship can be found for working in government offices.
5. Health budget will increase!
The plan to increase the budget of the health sector can also be implemented. Under this, 10 percent more amount can be allocated this time than the health budget of about 91 thousand crore rupees last year. At the same time, it can also be announced to increase seats in medical colleges. Apart from this, import duty on some medical equipment can also be reduced.
6. Buying a house will be cheaper!
A big announcement can also be to increase the price limit to buy a cheap house. Under this, the limit of affordable housing for metro cities can be increased from 45 lakh to 70 lakh rupees and this limit for the rest of the cities can be Rs 50 lakh. At the same time, the tax exemption on the interest of home loan can also be increased from 2 lakh rupees to 5 lakh rupees. Through these concessions, the government can work to meet the shortage of 1 crore cheap houses in India, which is estimated to increase to 3.12 crore by 2030.
7. Mobile will be cheaper!
Apart from these main allies, the government can open a box of many types of concessions in this budget, in which the main ones are to reduce the import duty of parts associated with consumer electronics to make mobile cheap, reduce gold imports to reduce trade deficit. Increasing import duty on gold-silver, increasing the scope of Ayushman Bharat Scheme, increasing the pension amount in Atal Pension Yojana, creating International Mobility Authority to get jobs abroad and helping startups to improve skills and to create employment. Apart from this, big announcements are also expected for better education inside the country.