According to the exclusive information received by CNBC Awaaz, the government has prepared its draft to simplify the rules related to income tax in the General Budget 2025.
Every year in the general budget, there is a need for relief from the government on the income tax front. This time also taxpayers are waiting for the same. The special thing is that in the General Budget 2025, the government can give this relief to the people. According to the exclusive report of CNBC Awaaz, the Finance Minister can make an important announcement during the budget to simplify the income tax rules, especially changes can be made in the Income Tax Act.
According to the exclusive information received by CNBC Awaaz, the government has prepared its draft to simplify the rules related to income tax.
Can the government give relief
In this budget, there is a possibility of major changes in the Income Tax Act, 1961. For this, a meeting can be held in the Prime Minister’s Office this week. In this, the rules will be made easier for taxpayers, as well as the provisions of the Income Tax Act, 1961 will be reduced. Under this, the process of resolving disputes related to income tax will be made easier. In this, the process of demand notice will be made transparent.
In fact, in the July budget, the Finance Minister had promised to review the Act in 6 months. Apart from this, important announcements can also be made to promote consumption. Sources have given some important information about this.
- Special steps will be taken to increase consumption
- Different options to give income tax concessions are being considered
- A separate slab between 20% and 30% is possible in the new tax regime
- At present, 20% tax on annual income of 12-15 lakhs
- 30% tax on income above 15 lakhs
- Increase in income tax exemption limit up to 50 thousand is possible
- Option to increase standard deduction limit from Rs 75000 to Rs 1 lakh
- Amount may increase in direct cash transfer scheme
- Using cash to increase consumption is a big challenge
