Middle class income tax tension ends, PM Modi sought Laxmi’s grace, Nirmala Tai opened the treasure

New Delhi: Before the budget session, his/her Majesty President and PM Narendra Modi indicated that the middle class got a big relief. When PM Modi spoke about Lakshmi’s grace, it was expected that there could be some relief in income tax. But Nirmala Sitharaman made the middle class with income up to 12 lakhs tax free in the new tax system. No one expected such a discount before the budget.

Farewell to old tax system

It is believed that this new proposal has fixed the farewell of the old tax system. In the old tax system, for tax exemption, insurance, fees, medical claims, treatment etc. had to be submitted. Now if someone chooses a new tax system, then even a single rupee will not have to be paid for up to Rs 12 lakh. Apart from this, an interim exemption of 75 thousand will also continue. That is, if someone has income up to 12 lakh 75 thousand income, then you will get freedom from tax.

How much tax will be charged on more than 12 lakh income

0-4 lakh- no tax
4-8 lakh – 5 percent
8-12 lakh- 10 percent
12- 16 lakh- 15 percent
16- 20 lakhs – 20 percent
20 -24 lakh- 25 percent
24-30 lakh – 30 percent

Middle class will not be sad on the free scheme of the poor

This tax proposal has fulfilled the wishes of the middle class. Nirmala Sitharaman said in the budget speech that no income tax will be payable for taxpayers with an income of 12 lakhs (except specific income rates). Even in the Delhi elections, when free schemes were being announced, the middle class was mood. It was believed that the government is distributing free Revdi due to their income tax amount. Arvind Kejriwal also questioned the BJP’s announcements. Now the proposal of ‘no tax’ up to 12 lakhs has answered all the questions.

About 2 crore taxpayers free from tax

In 2023-24, only 6.68 percent people in India have filed income tax returns. Of these, 31 percent of the middle class is considered about 2 crore taxpayers. This population has great advantage with a concession of 12 lakhs.