In the recently announced budget for the financial year 2025, Finance Minister Nirmala Sitharaman has maintained the existing income tax slabs.
However, a notable provision has been introduced, offering significant relief to taxpayers.
The government has decided to waive outstanding tax demands up to ₹25,000 for the financial year 2009-10 and up to ₹10,000 for the financial year 2014-15.
Tax Relief Details
During the Budget Speech, the Finance Minister emphasized the withdrawal of old tax demands, aiming to alleviate the burden on taxpayers.
This move is anticipated to benefit a substantial segment of the population, with approximately 1 crore taxpayers expected to experience relief from these withdrawals.
No Changes in Income Tax Slabs
Contrary to expectations, the budget did not introduce alterations to income tax slabs or deductions.
This decision has maintained the status quo, akin to the interim budget of 2019. Many had anticipated potential announcements related to income tax, given the budget’s timing in the lead-up to general elections.
Import Duty Remains Unchanged
The budget also left import duties for goods unaffected, with no alterations in rates for goods entering the country from external sources.
This decision reflects a stability in the approach towards import duties, aligning with the broader economic strategy outlined in the budget.
