Nirmala Sitharaman: There is a big relief for the taxpayers. If you also pay tax, then now your income up to 5 lakhs be tax-free. The government is making a big plan regarding this. This time Finance Minister Nirmala Sitharaman is preparing for big changes in the budget. Let us know the complete details about it.
There is important news for those paying income tax. If you are also troubled by paying heavy income tax, then now you do not need to take tension at all.
This time the Central Government is planning to make a big change in the tax, after which those earning up to Rs 5 lakh will not have to pay any tax. Finance Minister Nirmala Sitharaman is going to give a big gift to the taxpayers in the budget this time.
Now the limit is Rs 2.5 lakh
Let us tell you that at present no tax has to be paid on annual income up to Rs 2.5 lakh, the government is planning to increase the limit to Rs 5 lakh. That is, if your annual income is also Rs 5 lakh, then you will not have to pay any tax.
The last change was in 2014
This will be the last full budget of the second term of the Central Government, which will be presented by the Finance Minister. After this, elections are to be held in the year 2024, so it is believed that the government can give big relief to the middle class this year. Before this, the last change in the limit of personal tax exemption was made in the year 2014.
Arun Jaitley had increased the limit
Earlier, Finance Minister Arun Jaitley had announced to increase in this limit from Rs 2 lakh to Rs 2.5 lakh, but this time it is expected that this limit can be increased to Rs 5 lakh.
The 2-year-old tax system will change
According to media reports, the government is considering increasing the tax exemption limit in the 2-year-old tax system. This will give relief to taxpayers and they will have more money for investment.
