From NPS to home loan: Top tax expectations from Budget 2025
Personal tax is a key focus for most Indians when it comes to the Union Budget—especially for the urban middle class, as it directly impacts their finances. To break down the current demands and expectations, we spoke to Ishita Sengupta, Partner and India Leader at Vialto Partners. She shared insights on potential changes in capital gains tax, possible new introductions, and more.
Excerpts:
Standard Deduction and Tax Exemption Limit
Q. Many people are speculating about an increase in the standard deduction under the new tax regime. Do you think this is likely? Also, what are your thoughts on the tax exemption limit?
Ishita Sengupta: This is one of the most talked-about topics. Ideally, the standard deduction should be raised to ₹1 lakh, but since it was already increased last year, I’m not very hopeful. However, if it does happen, it would be a huge relief for salaried individuals, who often feel burdened by taxes with limited saving opportunities.
Regarding the exemption limit, there is room to increase it to ₹3.5 lakh, which would be a positive move. It wouldn't significantly impact government revenues but would provide a psychological and financial boost to taxpayers.
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