By Rajni Pandey | January 30, 2025
Experts expect the 30% tax slab to be applicable for incomes above Rs 20 lakh instead of Rs 15 lakh to reduce the tax burden on middle-class earners.
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The salaried class expects the standard deduction under the new tax regime to increase from Rs 75,000 to Rs 1 lakh, offering greater relief to taxpayers.
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The salaried class anticipates an increase in the basic exemption limit under the new tax regime from Rs 3 lakh to Rs 5 lakh, allowing for higher disposable income.
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Currently, incomes up to Rs 7 lakh get a full tax rebate. Experts anticipate this limit to increase to Rs 10 lakh under the new tax regime.
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Taxpayers hope for the inclusion of the Rs 1.5 lakh exemption under Section 80C in the new tax regime to boost savings.
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Experts suggest making NPS an Exempt-Exempt-Exempt (EEE) product and extending the additional Rs 50,000 deduction to the new tax regime.
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House Rent Allowance (HRA) exemptions should be revised to cover tier-2 cities and increase from 40% to 50% of basic salary.
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Calls for allowing the Section 80D deduction on health insurance premiums under the new tax regime amid rising healthcare costs.
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Experts suggest increasing the Rs 2 lakh annual deduction on home loan interest to Rs 3 lakh to support homebuyers.
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Taxpayers expect better pre-filled ITR forms and streamlined AIS reporting to make tax filing easier and error-free.
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