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30 Jan 2025

Union Budget 2025-26 Expectations: Will prices of petrol-diesel, electronics items come down? What changes are likely in income tax slabs?


Union Budget 2025-26 Expectations: On February 1, Finance Minister Nirmala Sitharaman will present the budget for the eighth time. There are high expectations for key announcements in this budget, with various sectors anticipating important decisions, including those related to petrol, diesel, and other areas.


It is expected that the government can cut the excise duty, due to this cut, the prices of petrol and diesel can come down. Currently, a duty of Rs 19.90 is levied on petrol and Rs 15.80 on diesel. 


The import duty on parts related to consumer electronics can be reduced. Currently, 20 percent duty is levied on this. This can also make things like mobile cheaper. 


Import duty on gold and silver can be increased. Currently, 6 percent import duty is levied on gold and silver. Due to increase in import duty, the prices of gold and silver can also increase.


Changes expected in income tax


Under the new tax regime, annual income up to Rs 10 lakh can be made tax free. A 25 percent tax bracket can be imposed for taxpayers with income of 15 to 20 lakhs. At present, there are 6 tax brackets in the tax slab. 30 percent tax is levied on income above Rs 15 lakh. Under the new tax regime, the basic exemption limit can be increased from Rs 3 lakh to Rs 5 lakh.


PM Kisan Yojana


This time in the budget, the amount given under the PM Kisan Samman Nidhi Yojana can be hiked from Rs 6,000 to Rs 12,000. Currently, more than 9.4 crore farmers  receive Rs 2,000 each in three installments (total 6000 annually) through this scheme.


Ayushman Bharat Yojana


It is expected that the government can also increase the scope of Ayushman Bharat Yojana in the budget this time. At present, the financially weak and the elderly above 70 years of age get direct benefit of this scheme. More than 36 crore cards have been made under this scheme.


Atal Pension Scheme


It is being told that the amount of pension given under the Atal Pension Scheme can be doubled to Rs 10,000. At present, the maximum monthly pension is Rs 5,000. Currently, more than 7 crore people have been registered in this scheme.


Employment opportunities


It is expected that an integrated national employment policy can be announced in this year's budget. In this, the schemes of different ministries providing employment can be brought under one umbrella. Young graduates can participate in an internship program to work in government offices located in rural areas. 


Besides, an International Mobility Authority can be established to assist in securing jobs abroad. Support for startups can also be provided to enhance skills among the youth and create employment opportunities.


Affordable housing


The price limit for affordable housing i.e. cheap houses for metro cities can be increased from Rs 45 lakh to Rs 70 lakh. This means that if someone buys a house up to Rs 70 lakh, he can get exemption under the government scheme. For other cities, the limit can be increased to Rs 50 lakh. The tax exemption on home loan can be increased to Rs 5 lakh. Currently it is up to Rs 2 lakh.


Prakash Kumar Pandey


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