New Delhi, 5 June (IANS). In the last 11 years, the government has continuously improved the middle class life to make it easier and more respectable. According to an official statement released on Thursday, these reforms include the steps ranging from tax relief to more money in their hands and pension schemes promising security in old age.
The government has eliminated red tape, simplifying rules and improves everyday arrangements. From filing tax to house shopping and medicines, almost everything has become easy and accessible.
The statement said that the government has not only respected the hard work of the middle class, but has also recognized them as the major drivers of the development of the country.
The statement stated that from reducing income tax rates to simplifying returns, all initiatives are associated with the original idea that more of the earnings of common people should be with them.
In the last 11 years, the government has made life easier for taxpayers with several efforts. Standard deductions were initiated with increasing tax exemption limit and in 2020, the paperwork was almost eliminated by the easy tax system.
According to the announcement made in the Union Budget 2025-26 to provide benefits to crores of salaried people, the person earning up to Rs 12 lakh annually will no longer leaving special income like capital gains. With a standard deduction of Rs 75,000, even those earning Rs 12.75 lakh will not give any tax.
Standard deduction automatically reduces taxable income from a certain amount, reducing the burden on salaried employees as they do not need to claim several discounts or present detailed evidence. This improvement reflects the deep understanding of the needs of the middle class.
To make tax compliance easier, individual taxpayers are now provided earlier income tax returns. These returns include salary income, bank interest, dividends and other details.
This ease appears in an increase in individual ITR filing, which increased from 3.91 crore in FY 2013-14 to 9.19 crore in FY 2024-25. This growth shows that in these last years more and more people seemed simple and meaningful to comply with tax laws.
The average annual inflation in the financial year 2004-05 to 2013-14 decade was at a rapid rate of 8.2 percent. The average inflation between 2015-16 and 2024–25 has come down by five percent, reducing the cost of living for people. Stable prices gave relief to families.
The Union Cabinet approved the Unified Pension Scheme on 24 August 2024 as a major step to strengthen social security for government employees and their families.
The scheme ensures a pension equal to 50 percent of the average basic salary received during the last 12 months before retirement, which is applicable to employees with at least 25 years of service.
The statement said that for people with low service periods, pension will be calculated proportional to the minimum qualification period will be 10 years.
-IANS
SKT/Ekde
