Budget 2025: Why standard deduction becomes a topic of high interest before every budget

Budget: There is a reason why people demand standard deduction before every Budget. If you are a businessperson, you can bring down your taxable income by deducting all provable business-related expenses. Some people push the limits with these deductions, including expenses that may not directly relate to their business. Salaried people have fewer tax-free allowances compared to business owners.