Budget 2024: Will the Modi government make income up to Rs 12 lakh tax free in the budget? That is, no tax will have to be paid on income up to Rs 12,00,000. Motilal Oswal Financial Services Chairman and Co-Founder Ramdev Agarwal believes that there should be no income tax on people with annual income up to Rs 12 lakh
Budget 2024: Will the Modi government make income up to Rs 12 lakh tax free in the budget? That is, no tax will have to be paid on income up to Rs 12,00,000. Motilal Oswal Financial Services Chairman and Co-Founder Ramdev Agarwal believes that there should be no income tax on people with an annual income of up to Rs 12 lakh. In an exclusive conversation with CNBC-TV18, Agarwal stressed the need for the government to take steps to increase consumption in the country. He said that giving more money in the hands of taxpayers will increase consumption, which will strengthen the economy.
Need to increase consumption
According to Agarwal, to increase consumption, the government should take such steps that put more money in the hands of the people. He said that giving tax exemption to those with an annual income of up to Rs 12 lakh will boost consumption.
GST collection figures
Aggarwal expressed concern that the recent decline in GST collection could cause problems in consumption. He hoped that this decline is temporary and will recover soon.
Investment and consumption
Aggarwal believes that Indian entrepreneurs will invest immediately if there is a sign of increasing consumption. He gave the example that if people demand a burger or a car, the industrialists will immediately decide its supply.
Income tax exemption
Emphasizing the need to give income tax exemption to increase consumption, Aggarwal said that there should be no tax on income up to Rs 12 lakh. This will also help in settling the cases piling up in tax offices.
Stock market concern
Aggarwal clarified that the budget should not be made keeping the stock market in mind. He said that the objective of the budget should be the well-being of the country, not the reaction of the stock market. It is clear from these views of Aggarwal that the government should seriously consider measures like income tax exemption to increase consumption in Budget 2024-25. This will not only put more money in the hands of taxpayers but will also strengthen the economy.
