Government’s focus will be on tax relief and increasing consumption

The Finance Ministry is taking opinion polls at various levels regarding the general budget for the financial year 2025-26. Based on the suggestions received so far, it is believed that this time the government will focus on providing tax relief to the middle class and promoting consumption and demand in the country. Also, efforts will be made for overall development by promoting rural economy, welfare schemes, and agricultural sector. This time the budget will be based on the vision of developed India.

Middle class can get tax relief

Experts believe that reducing the tax burden on the middle class will be the most effective solution to increase consumption.

• People will have more savings due to reduction in taxes.
• Increase in savings will enable people to spend on property, automobiles, and other essentials.
• This will boost demand and consumption in the economy.

According to sources:

• The government is working on a plan to make the new tax regime more attractive.
• There can be changes in the tax slab for employed people and others with annual income of Rs 10-12 lakh.
• The industry had demanded increasing the income tax exemption limit for the annual income group of up to Rs 20 lakh.

However, the government’s focus is to promote the new tax regime, so the income group of Rs 10-12 lakh is likely to be given priority.

You can also give suggestions on budget

The Central Government has launched a digital platform for the General Budget on mygov.in.

• From January 10, people can give their suggestions on this platform.
• Its objective is that constructive suggestions can be included in the budget.

Other main demands and suggestions

1. Demand to increase deduction limit under 80C

• There has been a demand for increasing the existing limit for a long time.
• However, the chances are less as the government is giving priority to the new tax regime.

2. Increase in EPFO ​​pension

• Labor organizations have demanded increasing the EPFO ​​pension by five times and formation of the Eighth Pay Commission.
• This demand has been pending for a long time and may be considered in the budget.

3. Change in standard deduction limit

• There is a demand to increase the existing standard deduction limit from Rs 75,000.
• Experts believe that it can be increased to Rs 1 lakh.

Budget 2025-26: Government’s priorities

1. Rural economy and agriculture sector
   • Emphasis on welfare schemes and increasing rural consumption.
2. Encouragement to new tax regime
   • To make this regime more attractive by giving relief to the taxpayers.
3. goal of developed india
   • To ensure overall economic progress through the budget.