New Delhi. The monsoon session of Parliament will be held in July. During this time, Finance Minister Nirmala Sitharaman will present the first full budget of the third term of the Modi government. In this full budget, many special tax related announcements are expected for the working class and the middle class. Especially the new income tax regime can be made more attractive. Currently, most taxpayers are not showing interest in the new income tax regime.
According to media reports, the standard deduction can be increased from Rs 50,000 in the new income tax regime. This will provide relief to the working class and they may be attracted towards the new income tax regime. Apart from this, there are also reports that the exemption limit can be increased to Rs 5 lakh in the new income tax regime. This will benefit those who fall in the income tax bracket of Rs 7.5 lakh to Rs 50 lakh by more than Rs 10,000. Let us tell you that under the old income tax regime, those with an annual income of Rs 5 lakh do not have to pay tax. At the same time, in the new income tax regime, along with the exemption of standard deduction of Rs 50,000, exemption up to Rs 7.5 lakh is available. Under the old income tax regime, there is also exemption on standard deduction and investment of Rs 1.5 lakh in PPF and other schemes. At the same time, in the new income tax regime, no exemption is given other than standard deduction.
In the general budget, attractive schemes can be announced for the weaker sections of the society, farmers, women, youth etc. PM Narendra Modi himself has been saying that there are only 4 castes in the society. Among these, he has counted the weaker sections, farmers, women and youth. At the same time, in the third term of the Modi government, Finance Minister Nirmala Sitharaman can make many announcements in the budget to ease the path of making India the third largest economy in the world. At the same time, important decisions to reduce government expenditure to reduce fiscal deficit can also be seen in the budget of the Modi government this time.