Union Budget 2025: Income Tax Expectations and Key Announcements
As Finance Minister Nirmala Sitharaman prepares to present the Union Budget 2025 on February 1, industry stakeholders, experts, and taxpayers eagerly anticipate key reforms. The Budget comes amidst subdued economic momentum, a weakening rupee, and geopolitical uncertainties, making it crucial for financial stability and growth.
Key Expectations from Budget 2025
1. Income Tax Relief for Individuals
Taxpayers expect relief through higher exemption limits, increased deductions, or revisions in tax slabs. Any relaxation in tax policies could enhance disposable income and boost consumption.
2. Boost to Infrastructure & Capex
Increased capital expenditure is likely to support economic growth, enhance job creation, and drive long-term development. Sectors like transport, energy, and digital infrastructure may receive significant allocations.
3. Support for MSMEs & Agriculture
The government is expected to introduce targeted measures for Micro, Small, and Medium Enterprises (MSMEs) and the rural economy. Financial assistance, subsidies, and simplified compliance could help in business growth and job creation.
4. GST Rationalisation
Simplification of tax structures and rationalization of Goods and Services Tax (GST) rates are anticipated to enhance the ease of doing business and stimulate growth across various industries.
5. Economic Stability Measures
To mitigate global uncertainties and currency fluctuations, the Budget may introduce policies aimed at maintaining economic stability and ensuring sustainable growth.
The Halwa Ceremony: A Tradition with a Change
On January 24, Finance Minister Sitharaman led the traditional Halwa ceremony at North Block, Delhi, marking the start of the Budget 2025-26 printing process. Unlike previous years, no photos or videos of the event were released, reflecting a shift in tradition.
Economic Survey 2025: Date and Focus
The Economic Survey 2025 will be presented in Parliament on January 31, between 12:00 PM and 1:00 PM, followed by a media briefing by Chief Economic Adviser V. Anantha Nageswaran at 2:30 PM. The survey will analyze India’s economic performance, highlight growth trends, and suggest policy recommendations.
When & Where to Watch Budget 2025 Live?
Finance Minister Nirmala Sitharaman will deliver the Budget speech at 11 AM on February 1. The live presentation can be viewed on:
- Doordarshan, Sansad TV, and Parliament’s official channels
- The government’s YouTube channels & X handles
With high expectations from taxpayers and industry leaders, Budget 2025 is set to play a crucial role in shaping India’s economic trajectory for the coming year.