Budget: Pressure from allies, no attention from common people...
The nda government presented the budget for the financial year 2024-25 on Tuesday, July 23. It cannot be called the budget of the Modi government, because at present the coalition government is in power at the center. In this sense, the current government also has some compulsions regarding the allies. If we talk about this budget at first glance, then the pressure of allies was clearly visible.
The way special packages were announced for andhra pradesh and Bihar, the inclination towards any allies was clearly visible in this budget, which was not seen in the last budget. In this sense also it will be called the budget of NDA. The middle class has a lot of expectations from the budget regarding income tax, what will be there in the income tax, because only when there is income, we will be in a position to buy something.
There was an expectation of exemption in income tax
It was already expected that the standard deduction would be increased and it was also increased from 50 thousand to 75 thousand. The remaining slabs have been slightly increased, like earlier there was no tax up to Rs 3 lakh, it is still the same. Earlier there was a 5 percent tax on income between 3 to 6 lakh, now it has been increased to Rs 3 to 7 lakh.
Earlier there was a 10 percent tax on income between 6 to 9 lakh, although there was a tax rebate under section 87, due to which income up to Rs 7 lakh was tax free. But now 10 percent tax has been imposed on income between 7 to 10 lakh.
Earlier there was a 15 percent tax on income between 9 to 12 lakh, which has now been increased to 15 percent between 10 to 12 lakh. No change has been made on income above this. That is, it can be seen in this way that an attempt has been made to give relief to the middle class by increasing tax deduction.
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