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Govt mulling Relief for lower income Tax Bracket
India's upcoming February 2025 budget might offer tax relief to lower-income groups (3-7 lakh slabs) under the new regime. While higher slabs may see no significant changes, the government may raise the exemption limit beyond 3 lakh.
The upcoming Budget that will be presented by Finance Minister Nirmala Sitharaman in February 2025 is likely to provide relief to the low-income group with tax reduction expected in the Rs 3 lakh - Rs 7 lakh tax slab under the new regime, reported ET Now quoting their sources.
As per the report, the government may increase the exemption limit beyond Rs 3 lakh under the new regime.
Tax cuts for higher slabs?
While big relief is being hoped for the lower-income group, as of now, there are no significant changes expected for higher tax slabs, reported ET Now quoting its sources.
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