It is expected that there is a possibility of increasing the upper limit of personal income in the Union Budget to be presented in the Parliament session on February 1. Union Finance Minister Nirmala Sitharaman will present the budget for this financial year in the next session of the Parliament which is still a few days away. There are various expectations for many sectors, common people, traders and monthly salary earners.
As this is the last full budget of the Prime Minister Modi-led government before the Maghlava elections, it is expected that the central government may make many good announcements. There is also expected to be a change in tax slabs and interest rates which have remained unchanged for many years.
It is also expected that features such as the creation of a new TDS system to reduce the burden on tax payers and regularization of the procedure for claiming tax exemption will be included in this budget.
Similarly in case of personal income tax annual income of Rs. Many people in the budget advisory had demanded that the government should provide some relief to low and middle income tax payers up to Rs 20 lakh. It looks like that request can be fulfilled.
It seems that the TDS system may also be simplified for NRIs. Along with this, the ceiling for personal income tax is also likely to increase. Currently individuals up to 2.5 lakh rupees, 60 to 80 years up to 3 lakh rupees and above 80 years up to 5 lakh rupees need not pay tax. It is said that there may be a change in this upper limit.
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Economists are also of the opinion that if there is a concession in the income tax ceiling, the cash reserves of the people will increase, and thus the consumption capacity which is in a sluggish state will grow a little, so the ceiling of this income tax should be changed in order to improve the natural economy of the common people.
Amidst all these demands, it seems that there is a high possibility that the ceiling for individual income tax will be increased from Rs 2.5 lakh to Rs 5 lakh in the Union Budget to be presented.
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