In the upcoming General Budget 2025, the government can give big good news to taxpayers. According to media reports, people with an annual income of up to Rs 15 lakh can be given income tax relief. This step can be taken with the aim of providing relief to the general public and giving impetus to the economy.
The central government is considering giving tax rebates to people with income up to Rs 15 lakh. However, it is not yet clear how much discount can be given. The decision was taken before the presentation of the budget. Finance Minister Nirmala Sitharaman will present the Union Budget 2025 on February 1.
Suggestions to PM Modi
Recently, leading economists had suggested to Prime Minister Narendra Modi to cut income tax rates. He said that this will reduce the tax burden on the common people and increase their spending capacity. At the same time, measures to balance customs duties and increase exports were also discussed.
New Income Tax Act
Apart from income tax exemption, the government is also working on making a new Income Tax Act. In the Budget for the financial year 2024-25, the Finance Minister had announced a comprehensive rethink on the Act. A committee, headed by Chief Commissioner of Income Tax VK Gupta, has been set up to look into the issue.
When will the new law come into effect?
It is believed that it may take more than a year to prepare the new Income Tax Act. The existing system has to be upgraded to implement it. New rules and forms will be prepared, which will be integrated into the system and tested.
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Government strategy
The move is being seen as a part of the Modi government’s two-pronged strategy. On the one hand, it wants to give relief to the common people who have been demanding tax exemption for a long time, on the other hand, it aims to accelerate economic activity.
Concerns about the economy
The country’s GDP growth for the July-September quarter stood at 5.4 per cent, down from 6.7 per cent in the previous quarter The Asian Development Bank (ADB) and the Reserve Bank of India (RBI) have also lowered their growth projections. In such a situation, the decision to give relief in income tax can be important to give impetus to the economy. This relief for taxpayers in the upcoming budget will definitely be seen as a big decision of the government.
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