Taxpayers, especially the taxpayers of lower middle class, may get relief in the budget presented today. Economist Rumki Majumdar of Deloitte India said that the Narendra Modi government is considering promoting consumption to speed up the closing economy, so the government can increase the scope of tax exemption. According to PTI news, this can be especially for people of annual income group of Rs 7 lakh to Rs 10 lakh. Finance Minister Nirmala Sitharaman is going to present the country’s general budget on Saturday.
Indication from Prime Minister Narendra Modi’s comment
According to the news, Majumdar said that the Finance Minister was seen giving relief to the taxpayers who have chosen the new tax system, which has no discounts, but has a high basis for taxes. The call of Goddess Lakshmi by Prime Minister Narendra Modi may be a sign of possible relief. Prime Minister Narendra Modi’s remarks that he prays to Goddess Lakshmi for showering the poor and middle class, Majumdar said that he hoped that Prime Minister was referring to Sitharaman and he really blesses the middle class. Are.
All chances are more likely
Majumdar said that most likely there is a possibility that the government will consider a slab with an income of Rs 7-10 lakh, where they can probably go for more discounts. There has been a positive increase in rural development due to good agricultural produce in the last few months. Referring to the increase in flight and hotel fare, the economist of Deloitte India also said that the expenditure is also increasing. It is the middle class, which is affecting, and a large part of it is actually between 7-10. In such a situation, it would probably be prudent to give some discounts and give them some relief. If the government makes such an announcement today, it will definitely increase consumption.
There will be no difference on the government
Mazumdar said that the tax collected from an annual income group of Rs 7-10 lakh is a quite small share. The exemption will not affect the revenue being collected by the government. The government can compensate for it by stopping tax evasion and bringing more people under tax realm. It is completely possible that the government can move in this direction with confidence, as the revenue situation there is quite good.
Latest business news