income tax exemption limit india: There are a few months left in Lok Sabha elections but before the elections, Modi Government can give a special gift to the common people. The benefit of this gift will be to the common people. In fact, the government is considering increasing the limit of income tax exemption on behalf of the government. Its direct benefit will be to those people whose annual income is up to Rs 5 lakhs. Today we will report in the report how it can be used.
income tax exemption limit india: According to news agency news, official sources have said that Finance Minister Arun Jaitley can double the income tax exemption limit by doubling the exemption limit while giving relief to the middle class in the interim budget. If that happens then those who earn from 2.5 lakh rupees to 5 lakh rupees annually will not have to pay tax. Presently, those earning up to 2.5 lakhs annually do not come in the tax slab while a 5 per cent tax on annual income between 2.5 and 5 lakhs is taxed.
At the same time, those who earn Rs 5 lakh to 10 lakh rupees annually, come in the tax slab of 20 per cent. While 30% tax is charged on annual income of more than Rs. 10 lakhs Apart from this, those who are 80 years old are tax free on income of Rs 5 lakh annually.
But there is a problem(income tax exemption limit india)
Government sources told the news agency that a plan to streamline the tax slab has been planned. This tax slab will be in line with the upcoming direct tax code. However, there may be problems in this. In fact, the general budget will come before the direct tax code report comes. Before the issue of the report, the tax slab molestation will make it controversial. In the realm of the new Direct Tax Code, more and more assessments (essees) will be tried in the tax slab. Explain that Finance Minister Arun Jaitley will present the interim budget on February 1.
Apart from this, the government has planned to give another gift for those earning Rs 5 lakh annually. Actually, the government had brought a standard deduction of Rs 20,000 per annum by removing the transport allowances of up to Rs 15,000 per annum and Rs 19,200 per year for those earning Rs 5 lakh. But now the government can restore this old structure. However, this will not be of great benefit to the middle class, but enthusiasm will definitely increase.
Master Stroke Before Election!
Before the Lok Sabha elections, Modi Government is busy wooing middle class people. Under this, changes in tax slab are also being considered. In fact, people of the middle class are considered to be BJP’s big votebank. But in the last few years, the people of this class are angry with the government due to tax havoc.
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