Budget 2025: Individual Taxpayers Seek Relief from Income Tax Burden
As the nation gears up for Budget 2025, individual and salaried taxpayers are voicing their expectations, with a recent survey indicating a strong desire for Finance Minister Nirmala Sitharaman to lower personal income tax rates. Taxpayers are increasingly feeling the pinch of rising costs, and they are looking for relief through adjustments in the income tax structure.
The Call for Lower Tax Rates
In the survey conducted by looffers.com, a significant percentage of respondents expressed the need for reduced tax rates under the new tax regime. Taxpayers argue that a lower tax rate would not only increase their disposable income but also boost consumer spending, thus stimulating economic growth.
Increasing Exemption Thresholds
Additionally, taxpayers are advocating for an increase in the exemption thresholds. With inflation impacting the cost of living, many individuals feel that the current exemption limits are inadequate. By raising these thresholds, the government could provide much-needed financial relief to millions of taxpayers across the country.
Making the New Tax Regime More Attractive
While the new tax regime introduced in the previous budget aimed at simplifying tax compliance, many taxpayers find it less appealing than the old regime due to the lack of exemptions and deductions. The survey highlights the need for a more balanced approach that accommodates the diverse financial circumstances of taxpayers. Creating a more attractive tax structure could encourage compliance and foster a sense of fairness among taxpayers.
Conclusion
As the Budget 2025 approaches, the voices of individual taxpayers are clear: they seek a tax regime that acknowledges their financial challenges and provides tangible benefits. With expectations for lower tax rates and increased exemption thresholds, it remains to be seen how the government will respond to these demands. For those looking to maximize their savings and make informed financial decisions, do not forget to check out looffers.com for the latest deals and offers that can help ease your financial burden.
