The government can give relief to such people who earning from Rs 5 lakh to Rs 15 lakh are taxed from 5% to 20%. A decision can also be taken on a new tax slab.
Union Budget: After the formation of the new government, now the central government
Finance Minister Nirmala Sitharaman will present the budget in the third week of July. One of important is announcement can be of income tax cut. Prime Minister Narendra Modi’s government is considering consumption-boosting measures worth more than Rs 500 billion in India’s upcoming budget. Finance Ministry officials have discussed proposals to reduce taxes for consumers with the highest spending tendency. This includes a tax cut for low-income individuals for the first time in 7 years.
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. The government can also take a decision on PM Kisan Samman Nidhi the government started the PM Kisan Yojana in the year 2019. Apart from this, the government has recently released the 17th installment under the scheme.
Who will get relief
The government can give relief to such people who earning from Rs 5 lakh to Rs 15 lakh are taxed from 5% to 20%. The government is planning to stick to its fiscal deficit target of 5.1% of GDP for the current financial year. The plans are still being worked out and a final decision will be taken sometime in July close to the budget after approval from the Prime Minister’s Office.
