Taxpayers got double tax exemption from corporate!
The central government has given a total exemption of Rs 8.7 lakh crore to taxpayers falling in the category of Individuals and Hindu Undivided Family (HUF) through tax exemption in the last five years. This information has come to light from the data given by the government in the Lok Sabha.
According to the data presented by the government, the government has given a tax exemption of Rs 8.7 lakh crore to individuals and Hindu Undivided Families in five years, which is double the tax exemption given to the corporate world. Whereas during the same period of five years, the government has given a tax exemption of Rs 4.5 lakh crore to the corporate world. In fact, the opposition has been accusing the government of standing with the corporate world. Before presenting the budget for the financial year 2025-26 on february 1, the government was accused of being anti-middle class and salaried class.
Finance minister Nirmala Sitharaman, while presenting the first full budget of the third term of the Modi government, gave a big relief to the taxpayers and announced that under the new tax regime, those earning Rs 12 lakh annually will no longer have to pay any income tax. This will reduce the tax burden on the middle class, which will give them Rs 1 lakh crore to spend. This will help in increasing domestic consumption, savings and investment.
Finance minister Sitharaman has given a big relief to salaried pensioners through her budget. people who earn up to Rs 12 lakh annually will not have to pay any tax in the new financial year 2025-26. That is, income up to Rs 12 lakh has become tax-free. The relief is that taxpayers will continue to get the benefit of standard deduction of Rs 75000 annually in the new regime. That is, taxpayers whose annual income is Rs 12.75 lakh will not have to pay any tax. A big change has been made in the tax slab in the new income tax regime. No tax will have to be paid on income up to Rs 4 lakh.
The Finance minister has given a big gift to senior citizens. It has been announced to increase the TDS limit on interest for senior citizens. The TDS limit for senior citizens has been increased from the current Rs 50,000 to Rs 1 lakh. That is, the limit of TDS deducted on interest up to Rs 50,000 on FD in banks has been increased to Rs 1 lakh.
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