Budget 2024:After the results of the Lok Sabha elections, everyone’s eyes are now on the budget. Finance Minister Nirmala sitharaman is going to present the full budget for the financial year 2024-25 next month, whose countdown has already begun. Just like every time, this time too people have high expectations from the budget. Especially the middle class feels that the changes in income tax that they have been waiting for a long time, the government can announce them this time.
According to a report by Bloomberg: Budget 2024
Finance Minister Nirmala Sitharaman could provide significant relief to the middle class in the upcoming budget by offering tax cuts. The report suggests that the new government led by Prime Minister Narendra Modi is considering measures worth more than 50,000 crore rupees (over 6 billion dollars) to boost spending in the upcoming budget. Possible measures include cuts in tax rates for low-income earners.
Changes for this income category.
If we consider the report, officials from the Ministry of Finance are considering a tax cut for taxpayers who spend the most. This means that those individuals whose annual income falls between 5 to 10 lakh rupees could potentially receive tax benefits in the budget. Currently, income tax is levied at a rate of 5 to 20 percent in this income bracket. These rates can be reduced to some extent in the budget.
here is also hope for a new tax slab.
The report by Bloomberg not only mentioned this, but also claimed that Finance Minister Nirmala Sitharaman from the central government may announce new tax slabs in the upcoming full budget presentation in July. The new tax slab will also focus on the middle class. In conclusion, it can be said that if the estimates and claims prove to be correct, the upcoming budget could prove to be a historic change for the middle class.
Analysts are providing evidence of this nature.
The demand for providing relief to the middle class has been going on for years. Especially after the Corona pandemic, the demand for focused relief for the middle class has increased. Analysts have consistently stated that after the pandemic, the government announced relief for the poor people located at the bottom of the income pyramid. The government also paid attention to the corporate world. However, the middle class, which is the largest consumer, has been left behind.
Industry organizations are also making such demands.
Several industry organizations such as CII and FICCI are also demanding a reduction in personal income tax from the government and Finance Minister Nirmala Sitharaman. An interim budget was presented in February this year due to the Lok Sabha elections. After the elections lasted for about two months, the government was formed for the third time under the leadership of PM Modi this month. Now, there is hope for the full budget to be presented in the second or third week of July.
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