Government is keeping an eye on people with income more than 15 lakhs, good news can be found in the budget

Budget 2025 Income Tax Relief: After the implementation of the new tax system, the government has increased the limit according to the tax slab to Rs 20 thousand. Relief has been given to taxpayers with income less than Rs 15 lakh. The purpose of this relief is to protect their income from falling in times of rising inflation.

Nearly 21 percent increase in CII

But, if we talk about the highest tax payers, they have not received any relief as per the limit for the last 5 years. According to statistics, the Cost Inflation Index (CII) has increased by about 21% since the implementation of the new tax system in 2020.

People with income up to Rs 15 lakh can get relief

The government will spend Rs 200 crore to reduce the impact of inflation. The limit was increased to a minimum of 20% and a maximum of 40% for taxpayers with income less than Rs 15 lakh. However, there is no change in the limit for taxpayers with income above Rs 15 lakh and they will have to pay tax at a maximum rate of 30%.

Experts also believe that now in view of inflation and other expenses, the government needs to think about providing relief to those falling in the highest slab. According to statistics, if we look at the income slab of ITR filers, 70 percent of the taxpayers have taxable income of Rs 5 lakh or more.

Find out who pays the most taxes

In such a situation, only 30 percent people are the biggest basis of direct tax collection for the government. That is why it is being demanded that these people should also get some relief from the tax burden, which will provide a lot of relief to the urban employees, because these people are paying home loan EMIs at high interest rates. They are also spending for better lifestyle.

Grant Thornton India presents survey report

A recent survey by Grant Thornton India also found people demanding tax breaks. According to the survey, 57 percent of the individual taxpayers of the country want the government to provide relief to them by reducing taxes in the next budget. 25 percent people have demanded relaxation in the maximum tax slab. While 72% of individual taxpayers preferred the new income tax system, 63% were in favor of increasing incentives under the old system.

About 46% suggested reducing the tax rate to increase the attractiveness of the new tax system. 47% want the ‘set-off’ limit under the old tax system to be increased or the Rs 2 lakh limit to be removed completely.