On the suggestions front a user urged reforms such as tax exemption for incomes up to Rs 10 lakh, GST exemption on insurance, increased home loan deductions, and reduced GST small cars from 28 per cent to 18 per cent
The "bahi-khata” held by Finanace Minister Nirmala Sitharaman. (Pic/PTI)
As the Union Budget 2025-26 nears, citizens have taken to social media to voice their expectations and predictions ahead of its presentation by Finance Minister Nirmala Sitharaman on February 1, 2025, at 11 am in the Lok Sabha.
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This budget marks the second under the BJP-led NDA government’s third term. Among the predictions, a user on X (formerly Twitter) with the handle @lord42012 made seven notable points. These include capital gains tax rates set at 25 per cent for long-term and 15 per cent for short-term, a special package for Bihar and Andhra Pradesh, and the potential elimination of the old tax regime.
Expected outcome from Budget -
— Return our Tax (@lord42012) January 27, 2025
1.Discard old Regime and kept only higher Taxation new regime
2. STCG @25% and LTCG @15%
3. Increase Taxes on TV , Fridge
4. Increase Famer support to 10K
5. 10 Kg Ration to 80 Crs
6. Package to Bihar and AP.
7. change Inflation and GDP formula. pic.twitter.com/reyeAUfHmQ
The focus on Bihar and Andhra Pradesh is noteworthy, given the BJP’s alliances with Bihar CM Nitish Kumar’s Janata Dal (United) and Andhra Pradesh CM Chandrababu Naidu’s Telugu Desam Party at the centre.
Notably, in last year’s budget, Bihar was allocated around Rs 58,000 crore growth package, while Andhra Pradesh received Rs 15,000 crore for its capital city Amaravati’s development. Other predictions by the user include 10 kg of ration for 80 crore citizens and revisions in inflation and GDP calculation formulas.
🚨 Important Suggestion For Budget 2025
— Ravisutanjani (@Ravisutanjani) December 26, 2024
• No Income Tax Till ₹10 Lakh Salary
• Exempt Insurance From GST
• Higher Home Loan Deductions
• 18% GST on AC, Small Car (Current: 28%)
People Need Money At Their Disposal
Also, No More Increase in Income Tax Rate
On the suggestions front for Union Budget 2025, Ravi Sutanjani (@Ravisutanjani), another user urged reforms such as tax exemption for incomes up to Rs 10 lakh, GST exemption on insurance, increased home loan deductions, and reduced GST on air conditioners and small cars from 28 per cent to 18 per cent.
🚨 Budget 2025: Key Expectations 🚨
— Sagar Chaudhary (@ganntradeing) January 25, 2025
1️⃣ Abolishing STT: Industry pushes to scrap the Securities Transaction Tax to boost liquidity & market participation. 📈
2️⃣ Higher Subsidies: +8% hike in food, fertilizer & LPG subsidies to combat rising costs. 🍽️
3️⃣ Railways Boom: ₹2.9-3T… pic.twitter.com/yJnrnJzQrF
Another user, Sagar Chaudhary (@ganntradeing), called for the abolition of the Securities Transaction Tax (STT) to boost market liquidity and participation. He also suggested an 8 per cent hike in subsidies for food, fertilizers, and LPG to combat rising costs, along with a significant allocation of Rs 2.9-3 trillion for railway infrastructure, particularly Vande Bharat projects. Other expectations included raising the 30 per cent tax bracket to incomes above Rs 18 lakh, offering tax relief on essential medicines, and targeting a fiscal deficit of 4.5 per cent by FY26.
3 Major Expectation from Budget 2025
— CA Paaras Gangwal (@ThetaVegaCap) January 17, 2025
1️⃣No Income Tax upto 10L
2️⃣Tax on Agri Income above 25L
3️⃣30% Slab above 25L #IncomeTax #Budget2025 #Budget #IncomeTaxDepartment
CA Paaras Gangwal (@ThetaVegaCap) shared his key expectations, proposing no income tax for incomes up to Rs 10 lakh, taxation on agricultural income above Rs 25 lakh, and a 30 per cent tax rate for incomes exceeding Rs 25 lakh.
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