As a relief to taxpayers, Union Budget 2025 may increase the basic exemption limit, or revised slab rates can be introduced to mitigate the overall tax on middle class taxpayers. Union Finance Minister Nirmala Sitharaman is set to announce Budget 2025-2026 on February 1. Like every year, salaried taxpayers eagerly await rebates and tax reductions under both the tax regimes from the annual budget.