Prayagraj (Uttar Pradesh) [India], February 1 (ANI): As the Union Budget 2025-26 is set to be presented on Saturday, many are hoping for policy measures that will bring down prices of daily household items. Additionally, youth are looking for announcements that will create more jobs, while the salaried class is expecting income tax concessions.
“As a homemaker, I think the inflation rate should be curbed. Also, the government should focus on areas such as travel expenses as it’s getting higher, ” Sangeeta Singh, a school teacher in Delhi told ANI.
TG Pradhan, a Mumbai resident, expressed the hope that there will be a better tax rebate.
“I hope there will be a better tax rebate…Train facilities should be made even better. We travel in local trains, so frequency of trains should be made even better,” he said.
President Droupadi Murmu in her address to the joint session of the Parliament made several references to the middle class. This raised the expectation that there will be several announcements for the middle class in the budget.
“Being a salaried person, I expect that the govt will provide some relaxation in tax limit; I hope that the govt will alter the 5 lakh slab and will exceed that limit up to 7.5 lakhs,” Deepak who was in Prayagraj to attend the Maha Kumbh told ANI.
A woman banker in Mumba also wanted relaxation in the tax slabs for salaried people.
“The most important thing would be some relaxation in the tax slabs for salaried people. It has not happened for years but it should be done… They provide compensation to women every year,” she said.
Another Mumbai resident expressed the concerns about the elevated price levels of the daily house hold articles.
“Inflation should be brought under control. So that a common man is also able to sustain himself and the lower class further develops…As far as tax slabs are concerned, it would be good if those in the Rs 10-15 Lakhs category are given some relaxation,” he said.
A student at Prayagraj wants the government to take measures to generate more employments in the country.
“Government should bring something that provide job opportunities to youth and also, to smoothen the process of education loan,” he said.
It is anticipated that the budget will strike a balance between economic growth and fiscal prudence while addressing the expectations of taxpayers, businesses, and key industries.
One of the most awaited aspects of the budget is tax relief for individuals and businesses. Taxpayers are expecting changes in tax slabs under the new tax regime, with hopes of an increase in exemption limits and standard deductions. There is a demand for making annual income up to Rs10 lakh tax-free.
Taxpayers are also expecting an increase in the standard deduction limit, currently set at Rs50,000 under the old tax regime and Rs75,000 under the new tax regime.
The government is expected to continue its fiscal consolidation roadmap, bringing down the fiscal deficit from 4.9 per cent in FY25 to 4.8 per cent, with a target of 4.5 per cent in FY26. (ANI)
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