• Source:JND
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Budget 2025 Date: Finance Minister Nirmala Sitharaman is gearing up to present the Union Budget for the fiscal year 2025–26. This will mark her eighth consecutive budget and the second full-fledged budget of the Modi 3.0 government.

The Union Budget 2025 is anticipated to be presented on February 1, 2025, at 11 am, although the government has yet to make an official announcement. Finance Minister Nirmala Sitharaman is expected to unveil the second full budget of the Modi 3.0 government on the first day of February.

Speculation suggest that this year’s budget could bring significant relief for the middle class, with possible reductions in income tax rates for certain groups of taxpayers.

Experts believe the government might introduce new tax reforms aimed at boosting consumer spending and simplifying the taxation framework. Key proposals could include lowering tax rates and overhauling the existing tax structure to promote economic growth. Reports suggest that individuals earning up to Rs 15 lakh annually might benefit from tax relief under the proposed Direct Tax Code.

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Budget 2025: Tax Relief Expectations

According to reports, Budget 2025 might provide tax relief for individuals earning up to Rs 15 lakh annually under the Direct Tax Code. The Finance Minister is expected to introduce the Direct Tax Code 2025, which aims to simplify income tax laws and potentially replace the Income Tax Act of 1961. This move could also help boost consumption during a period of economic slowdown, streamline legal complexities, and directly reduce the burden on middle-class taxpayers, offering much-needed relief.

Income tax relief remains a top priority for both citizens and financial experts. Industry bodies are also calling for tax holidays and GST exemptions to drive business growth and improve market sentiment. Speculation is mounting that the budget might include personal tax relief for individuals in the Rs 3 lakh to Rs 5 lakh income slab, alongside a potential increase in the basic exemption limit.

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If the government reduces taxes, as reported by international news agency Reuters, citing government sources, the decision is likely to benefit millions of taxpayers, particularly urban residents grappling with high living costs.

With the Union Budget 2025 just around the corner, expectations are running high among both citizens and businesses. Neitzens are eagerly awaiting Finance Minister Nirmala Sitharaman’s announcements to see how the government plans to balance tax relief with the goal of fostering stable and sustainable economic growth.