Taxpayers are eyeing the budget 2025. In the last few years, the tax burden on the middle class has increased. While Indivijuel Tax Collection was Rs 4.8 lakh crore in FY21, in FY24 it increased to Rs 10.4 lakh crore. This time people are expecting relief. At present, 30% tax has to be paid on income above 15 lakh lakhs. This limit has not been changed for many years. Therefore, taxpayers are expecting a new tax slab of 25 %.
Understand the demand for taxpayers through example
- There is no tax up to Rs 5 lakh (now is a discount of up to Rs 3 lakh).
- 10% tax on Rs 5–10 lakh
- 20% tax on Rs 10–20 lakh
- 30% tax above 20 lakh rupees
If this happens, a person earning 25 lakh rupees can be saved up to Rs 1.5 lakh. This will prove to be some relief to the middle class.