Income Tax Relief: The government is making a plan to please the middle class. According to sources, the government can also give income tax exemption to those earning up to Rs 15 lakh annually. However, the government has not taken any decision in this regard yet. The government can announce this in the budget to be presented on February 1.
New Delhi: The government can also give income tax exemption to the middle class. However, no decision has been taken in this regard yet. It is believed that the government can make an announcement in this regard in the general budget to be presented on February 1. This information has been given by Economic Times quoting Reuters. It has been told that the government can also give income tax exemption to those earning Rs 15 lakh annually.
The government wants to give tax relief to the middle class. The government plans to promote consumption due to the recession. Due to these reasons, the government is considering giving income tax exemption to the middle class earning up to Rs 15 lakh. If this happens, then millions of taxpayers will benefit from this.
How much will be the deduction?
No information has been revealed yet about how much income tax exemption will be given to those earning up to Rs 15 lakh annually. According to sources, no decision has been taken yet on the size of any deduction. Whatever decision will be taken in this regard will be told in the general budget to be presented on February 1.
Right now you have to pay a lot of tax
Right now there are two systems to choose income tax. First old and second new. The new system started from the year 2020. There is no exemption on facilities like HRA in this. In the new system, 5 to 20 percent tax is levied on income from Rs 3 lakh to Rs 15 lakh annually. Income tax has to be paid at the rate of 30 percent on earnings more than this.
Better step for the economy too!
If the government cuts income tax for the middle class, then it will bring more money in the hands of such people. This money can help in accelerating the country’s economy. Actually, in the September quarter, the country’s GDP has been much lower than the last 7 quarters. If people get more money in their hands, they will be able to spend more. This will improve the country’s economy.
Why favouritism towards the middle class?
The government is currently facing many types of criticism from the middle class. The middle class is the worst hit by inflation. The middle class is not getting any special relief from the government. The increase in salary is decreasing as compared to inflation.
Due to inflation, the demand for everything from soap and shampoo to cars and two-wheelers has been low. The middle class is the biggest customer of these things. In such a situation, the government wants to please the middle class by giving income tax exemption.
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