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Union Budget Expectations 2025: 57 percent of individual taxpayers in India want the government to announce tax cuts in the budget for the next financial year 2025-26. This has come to light in a pre-budget survey.
According to the survey report of multinational professional services company ‘Grant Thornton India’, despite about 72 percent individual taxpayers choosing the new income tax system, 63 percent taxpayers are in favor of increasing the incentives under the old tax system.
At the same time, to increase the attraction towards the new tax system, about 46 percent of the respondents advocated reducing the tax rates, while 26 percent of the people believe that the exemption limit should be increased.
More than 500 people participated in the Grant Thornton India pre-budget survey. The survey results show that individual taxpayers want relief on the personal tax front to increase their disposable income.
57 percent of the participants surveyed want lower income tax rates, while 25 percent advocated a higher exemption limit in the budget to be presented on February 1.
The report says 53 per cent of respondents are advocating the government to allow recovery of losses on residential property under the new tax regime. About 47 percent people want that the ‘set-off’ limit under the old system should be increased or the limit of Rs 2 lakh should be removed completely.
These changes will provide greater flexibility in offsetting losses, encourage investment in real estate and help taxpayers fulfill their aspirations of affordable housing.
Akhil Chandna, partner, Grant Thornton India, said the increase in the tax deduction limit of the National Pension System (NPS) and more flexible rules for withdrawal from NPS will boost the retirement savings of taxpayers.
Chandna said, “Apart from this, clarity is expected from the government on the perquisite taxation rules on the use of electric vehicles (EV). Along with this, the deduction under the law on purchase of EV should also be restored.
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