The middle class’s stony eyes will get income tax support in the month of Saavan, the secret will be revealed from Nirmala’s tab

New Delhi: Just wait for a few moments and Union Finance Minister Nirmala Sitharaman will present the general budget to the country. Every section has expectations from the budget, but the middle class is most looking at it. It hopes that this time there will be relief in the income tax slab. However, the middle class has been disappointed for the last two years. The middle class of the country is currently about 31 percent of the total population and its share is constantly increasing. If we look at the voting figures, most of the middle class voters have also been a part of the formation of Modi Government 3.0. Modi Government 3.0 has more focus on reforms, but it is believed that big announcements can be made about the middle class in the budget. If we look at the current slab of the Income Tax Department, at present those with annual income above 15 lakhs have to pay 30 percent tax. This class hopes that the government will think about it and reduce its scope to 25 percent. It is also believed that the government can give big relief on in-hand salary by making changes in Section 80C of Income Tax.

What changes can happen?

In the budget of the year 2023, the income tax exemption limit was increased to Rs 3 lakh under the new tax system. Along with this, changes were also made in the tax slabs and exemptions to make the new tax system more attractive. Now it is believed that to bring more people towards this system, the exemption limit can be considered to be increased to Rs 5 lakh. At the same time, the standard deduction under the old tax system can also be increased from Rs 50 thousand to Rs 1 lakh this time.