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Buget 2025: If you are happy with the salary of Rs 12 lakh being tax free, then this news may shock you. Actually, the government is preparing to make another big change in the tax for the salaried class, which is going to have a direct impact on your pocket. Finance Minister Nirmala Sitharaman has proposed to change the definition of salary related act, perks and benefits in lieu of salary in the budget for the financial year 2025. In simple language, the part-B part of your salary is now going to end. However, there is no announcement about this yet, it is expected that it may be mentioned in the Income Tax Bill to be presented in Parliament next week.
You get these perks but no tax is levied
Till now, perks up to Rs 50 thousand in your salary are not included in taxable income. In this, benefits like laptop, Sodexo, free house, car, subsidized breakfast, food, medical facility, club membership, travel allowance given by the company are not included in taxable income. Apart from this, mobile bill, provident fund, entertainment and free medical facilities, taxi bill or gym bill are also included in tax free benefits.
These benefits may be abolished
Finance Minister Nirmala Sitharaman has proposed to make changes in these benefits. If the government abolishes the benefits from the salary, then you will not be able to save tax on things like mobile bill, gym bill, petrol and these will become a part of your salary. In such a situation, your total taxable income will also increase.
The government gave them good news
The government has given a big relief to the salaried class. The biggest announcement of the budget was making income up to Rs 12 lakh tax free under the new tax regime, apart from this, the effective income tax on income of Rs 12.75 lakh with a standard deduction of Rs 75,000 became zero. This is such an announcement which has made everyone happy in the salary class from employee to boss.
