Income Tax Slab: The demand for income tax being made by the salaried class for the last several years can be fulfilled by the government in this year’s budget. Reuters report claimed that the government can give relief in income tax to those earning up to 15 lakhs.
Income Tax Slab: Every year, the salaried class of the country demands relief in income tax. Last year also, people had demanded a change in the tax slab from the Finance Minister. But this time a big announcement is expected from the government regarding tax rules. Meanwhile, Reuters report claimed that the government is considering giving a big relief in tax to the middle class. This relief is planned to be given to such people whose annual income is up to Rs 15 lakh.
Can be announced in the budget on February 1
The Reuters report claimed that the government can announce relief to taxpayers in the budget to be presented on February 1, 2025. There is a plan to speed up the economy and encourage people to spend more by giving big relief regarding income tax. If the government takes this step, then it will be easier to deal with inflation in the coming time.
People have been complaining about tax for a long time
Actually, people living in cities have been complaining for a long time about rising expenses and high taxes. Therefore, it is expected that this change will be made by the government. According to the new tax regime implemented in the year 2020, if a person’s annual income is between Rs 3 to 15 lakh, then tax ranging from 5 percent to 20 percent has to be paid. If the annual income is more than 15 lakhs, then the income tax increases to 30 percent.
Currently, taxpayers have two types of options
Currently, taxpayers in the country have two types of options. Out of these, you can select one according to your income. The first is the old tax regime, in which you can take exemption for some expenses like house rent and insurance etc. The second rule is of the new tax regime. Under this, the tax rates are low, but most of the exemptions have been abolished.
No response from the Finance Ministry
If the government decides to give income tax exemption, it is expected that most people would like to opt for the new tax regime implemented in 2020. Reports have clarified that the government led by Prime Minister Narendra Modi has not yet decided how much tax exemption will be given. At present, no comment has been made on this by the Finance Ministry or Finance Minister Nirmala Sitharaman.
Concerns are increasing about the country’s economy
Changes in the tax system in the country are being considered because concerns about the economy are increasing. The country’s growth rate between July and September in the year 2024 has been low in the last seven quarters. Apart from this, the prices of food items are also increasing. Due to this, people’s expenses are continuously increasing. The effect of this is that the sale of cars, household items and personal use items is also decreasing. The government wants to encourage people to spend more by giving tax exemptions.
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