One provision of the budget made a big move
Survey reports from various sources from time to time reveal that nearly 90 per cent of the country’s workforce does not get a salary of Rs 62,500 a month. A survey report published in the name of ‘State of Economic Inequality in India’ states that only 10 percent of the workforce in the country earns a salary of Rs 25,000 per month. The Prime Minister’s Economic Advisory Council had published this report which was released in May 2022 by Bibek Debroy, chairman of the council. In the Periodic Labor Force Survey released in August 2019, it was said that 45 percent of the workforce gets a salary of just Rs 10,000 per month. At the same time, an organization named Money9 pocket released a survey report in November 2022. It has been claimed that on an average, 46 percent of the families in the country have a monthly income of less than Rs.15,000. When the income of the whole family is 15 thousand rupees per month, then on an average the per person income in a family of 5 people is only 3 thousand rupees.
Big relief to more than 90% salaried people
Keep in mind that in the current financial year, no tax is being levied on income up to Rs 5 lakh. That too without any tax saving investment. In the old tax system, by adopting tax-saving options, he brings his taxable income up to Rs 5 lakh, then he also does not have to pay any tax. However, for those earning Rs 7-7.5 lakh annually, it is not easy to save Rs 2-2.5 lakh every year. But now in the new tax system, without any investment, the monthly salary of Rs 7.5 lakh per annum i.e. Rs 62,500 has become tax free. According to estimates, more than 90 percent of the salaried class will come under this purview, which will actually get a big relief on tax.