Union Budget 2025: The customary Halwa ceremony, which marks the final stage of the Union Budget preparation process, is scheduled to be held in Central Secretariat’s North Block on Friday evening, January 24.
As per convention, Finance Minister Nirmala Sitharaman will lead the ceremony, with Minister of State Pankaj Chaudhary and secretaries in attendance. Officers and staff involved in the budget preparation and compilation process will also be present.
The Finance Minister ceremoniously stirs the ‘kadhai’ and serves the halwa to everyone involved in the Budget-making process. This tradition is also a way to acknowledge the hard work of the finance ministry officials involved in the process of Budget making.
Tax System
Just one week is left for the upcoming budget to be presented by Finance Minister Nirmala Sitharaman. Different sections have different hopes and expectations about this budget. Among these, the tax system is important, especially home loans, tax cuts and changes in tax rates are important.
In recent times, the new tax regime has been the main source of relief for low to middle income individuals. At the same time, for the upper middle class and high net worth individuals, Budget 2023 provided significant relief by imposing a cap on the maximum rate of surcharge.
In the last Budget 2024-25, Finance Minister Nirmala Sitharaman introduced several measures to make the new tax regime more attractive than the old system. The standard deduction limit under the new system was increased from Rs 50,000 to Rs 75,000, resulting in a saving of Rs 17,500 in taxes for salaried individuals.
However, those opting for the new tax regime still have a long list of desired changes, as it lacks many exemptions and deductions offered by the old tax regime.
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