Centre mulls options for tax windfall in Union Budget 2024-25

In the forthcoming Budget 2024-25, the Indian government is considering tax relief measures for individuals. One option is increasing the exemption limit under the new tax regime to ₹5 lakh from ₹3 lakh, potentially benefiting those earning above ₹7.5 lakh with an average tax reduction of ₹10,000. Another possibility is implementing a nil tax liability for incomes up to ₹8 lakh, aligning with the Economically Weaker Section (EWS) criteria. The government is also considering phasing out the old tax regime and focusing on the new one. The Budget will be presented in July during the monsoon session.