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NRIPage | Articles | Budget 2025: Taxpayers Expect Higher Standard Deduction and HRA Exemption | Get General Articles. Stay Informed on a World of Topics - NRI Page
As the Union Budget 2025 approaches on February 1, Finance Minister Nirmala Sitharaman is expected to address rising concerns over high inflation and shrinking disposable incomes, with a focus on tax relief for salaried individuals. One of the most anticipated measures is the potential increase in the standard deduction for salaried employees.
Under the current system, a standard deduction of Rs 75,000 is available for those opting for the New Tax Regime, while the Old Tax Regime allows Rs 50,000. Given the increased cost of living, experts like Santhosh Sivaraj from BDO India are calling for a substantial increase in the standard deduction to Rs 1.20 lakh, reflecting the rising costs of transport and medical expenses.
The 2020 budget introduced the New Tax Regime, which simplified tax rates but removed certain exemptions like the standard deduction and Home Rent Allowance (HRA). While some deductions under Section 80C (such as those for PPF and LIC contributions) continue, taxpayers have expressed concern about the lack of HRA exemptions under the new system. There is growing demand for HRA to be included in the New Tax Regime, especially for those with significant housing expenses.
In addition, the ongoing call to increase Section 80C deductions, which currently caps at Rs 1.5 lakh, is expected to gain traction. The inclusion of higher tax reliefs and broader exemptions would bring relief to taxpayers struggling with higher living costs.
With these potential changes, the 2025 budget could provide much-needed relief to the middle-class taxpayer and those facing challenges under the current tax structure.
