Nirmala Sitharaman likely to announce tax relief in Budget 2025

Finance Minister Nirmala Sitharaman is expected to announce income tax relief in the Union Budget 2025, which is slated for February 1.

Economists believe lower taxes will boost disposable income and consumer spending. Possible changes include raising exemption limits, lowering rates, increasing standard deductions, and enhancing health insurance and NPS exemptions. The new tax regime may see further incentives. 

Industry leaders also recommend tax cuts for incomes up to Rs 20 lakh.