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The central government is going to present the supplementary budget next month. In this regard, Union Finance Minister Nirmala Sitharaman is holding continuous meetings. The common man is expecting a big relief from this budget, but before every budget, the people of the country look towards the government with hopeful eyes. So will the common people really win a big lottery this time? Know what are the preparations of the Modi government and the new plan of Finance Minister Nirmala Sitharaman.
This is being considered to provide relief to the middle class
In fact, now the Finance Ministry is seriously considering options related to income tax exemption to provide relief to the middle class in the budget. PM Modi had recently said in his address that the middle class is the driver of the country's development and their welfare and convenience is our priority.
Government can make changes in the new tax system
Salaried people are expecting income tax relief from the Modi government in this budget, according to sources in the Finance Ministry, the government can make changes in the new tax system. There are reports that the government is considering reducing income tax rates for those earning Rs 15 to 17 lakh annually. The government is trying to bring more and more people under the new tax system. In the last term, the Modi government started a new tax system, the government is constantly making changes in the new tax system to make it popular. Now if the provision of lower tax under the new tax system for those earning Rs 15 to 17 lakh annually is made, people will get relief on a large scale.
Understand the mathematics of old and new tax system
It is worth noting that under the new tax system, the government gives income tax exemption on annual income up to Rs 7 lakh. Whereas under the old tax system, no tax is to be paid on annual income up to Rs 5 lakh. After this, a standard deduction of Rs 50 thousand will also be applicable on both. This means that under the new tax system, no tax will have to be paid on annual income up to Rs 7.50 lakh.
New tax regime and income tax slabs
Let us tell you that in the new tax system, there will be no tax on annual salary of 0-3 lakh rupees. After this, 5% tax is levied on income of 3-6 lakh rupees, 10% on income of 6 to 9 lakh rupees, 15% on income of 9-12 lakh rupees, 20% on income of 12-15 lakh rupees and 30% on income above 15 lakh. Apart from this, 4% is levied as health and education cess.
