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Income Tax Deductions: Let us tell you that people with income between Rs 5 lakh and Rs 15 lakh are taxed at the rate of 5% to 20%. The government can give relief to such people. Apart from this, a decision can also be taken on the new tax slab.
After the formation of the new government, the central government is now going to present the general budget. It is expected that Finance Minister Nirmala Sitharaman will present the budget in the third week of July. Many big announcements can be made for the middle class in this budget. These include One of the announcements could be regarding reduction in income tax.
Prime Minister Narendra Modi's government is considering more than 500 billion rupees ($6 billion) of consumption-boosting measures in India's upcoming budget, Bloomberg reports. This includes a tax cut for low-income individuals for the first time in 7 years. Finance ministry officials have discussed proposals to cut taxes for consumers with the highest spending propensity.
Who will get relief?
Let us tell you that people with income between Rs 5 lakh and Rs 15 lakh are taxed at the rate of 5% to 20%. The government can give relief to such people. Apart from this, a decision can also be taken on the new tax slab. The details of the scheme are still being worked on and after approval from the Prime Minister's Office, a final decision will be taken anytime near the budget in July. Apart from this, the government plans to stick to its fiscal deficit target of 5.1% of GDP for the current financial year.
Decision on PM Kisan Samman Nidhi
Apart from this, the government can also take a decision on PM Kisan Samman Nidhi. Talks are going on to increase the annual cash payment to small farmers from the current Rs 6,000 to Rs 8,000. Let us tell you that the government has recently released the 17th installment under this scheme. Let us tell you that the government started the PM Kisan Yojana in the year 2019.
