In the midst of the country’s ever-increasing inflation, the common people are hoping that the central government will provide them with tax relief in the budget this year as well.
However, the Ministry of Finance has been extremely strict in this regard over the last few years. When I asked the Finance Minister about the non-imposition of tax exemption, I was told that not imposing new taxes is also tax exemption. However, with the final full budget before the elections this year, experts are optimistic about tax breaks.
He says that because inflation is going up, the government can give tax breaks to help ordinary people. This will put more money in the hands of regular people than they can spend. Devendra Kumar Mishra is an expert on taxes. He thinks that this time, the government will definitely help ordinary people.
Up to Rs 6 Lakh, No Tax Will Be Levied
The income of ordinary people up to Rs 5 lakh can be tax-free increased to Rs 6 lakh. The greatest relief is found in the Rs 15 lakh income bracket without tax exemption, which is kept in the 20% range. This figure can be raised to Rs 17 lakh.
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Tax Relief In Pre-Poll Year?FM #NirmalaSitharaman to present her 5th budget today. Modi Govt's last full budget before the 2024 elections. @Verma__Ishika joins in from Delhi. #Budget #BudgetSession #BudgetWithMirrorNow @nsitharaman @FinMinIndia pic.twitter.com/XFOK55M5lj
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Also, The Standard Deduction Limit Will Go Up
Also, the government has the option of raising the salary threshold for which people can claim the standard deduction. The amount may be raised from 50,000 to 1,00,000. In addition, interest income may be exempt from taxation up to $25,000.
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