Taxpayers with income up to Rs 15 lakh can get big relief

There is relief news for middle class families. In the Union Budget 2025, the government is preparing to provide major relief to taxpayers with annual income up to Rs 15 lakh. Finance Minister Nirmala Sitharaman will present the budget on 1 February 2025, in which this announcement is likely to provide relief to the middle class.

Due to rising inflation and high prices of food items, economic pressure on the middle class has increased. Possible tax cuts will increase the purchasing power of people and boost consumption.

Announcement may be made on February 1

According to sources related to the government, Finance Minister Nirmala Sitharaman Unions can announce tax concessions in the budget.

• Crores of taxpayers will benefit from this step.
• Especially the taxpayers living in big cities like Delhi, Mumbai will feel relieved.
• Families with annual income of Rs 10-15 lakh are struggling due to inflation and tax burden.

current tax system

1. Old Tax Regime:
   • On income more than Rs 10 lakh 30% tax,
   • 80C and 80D deduction Get the benefit of.
2. New tax regime:
   • On income more than Rs 15 lakh 30% tax slab,
   • But, deduction There is no benefit.

How much reduction will be done has not been decided yet

The government has not yet decided by how much the tax will be reduced.

• union budget 2025 A final decision on this will be taken before.
• The Finance Ministry has not commented on this subject.
• The potential revenue loss from the tax cut is yet to be estimated.

Why is tax cut needed?

1. Falling GDP growth:
   • GDP growth in the second quarter of financial year 2024-25 5.4% But she came.
   • Measures like tax relief are necessary to promote economic growth.
2. Pressure on middle class:
   • Rising inflation has negatively impacted the spending power of the middle class.
   • Tax cuts will save more money in people’s pockets, which will increase their spending power.
3. Support to the economy:
   • Due to increase in taxpayers’ savings consumption Will increase.
   • This will boost trade and GDP growth.

Economists’ advice

On 24 December, a meeting was held between the Prime Minister and economists.

• Economists suggested that giving tax relief would help people ability to spend Will improve.
• As a result, consumption will increase, which will boost the economy.

What could be the benefit?

• Taxpayers with income up to Rs 15 lakh will get more disposable income Will get it.
• This step for the middle class relief from inflation Will do the work of giving.
• Due to this decision of the government in the country Consumption and growth will lead to.