New Delhi. Next month i.e. in July, Finance Minister Nirmala Sitharaman is going to present the first full budget of the third term of the Modi government. Just before this, big news has come for the common people. News channel Aaj Tak has reported, quoting sources, that Finance Minister Nirmala Sitharaman can give relief to the common people in the full budget.
News channel has quoted sources as saying that in the budget, provision can be made to give income tax exemption to those earning 15 to 17 lakhs annually. According to the news, the Finance Minister can announce this exemption under the new tax system. Currently, under the new tax system, Modi government charges zero percent income tax on annual income up to 7 lakhs. Whereas, in the old tax system, apart from saving up to 1.50 lakh rupees annually, the working class is given an exemption of up to 50000 rupees under standard deduction. Under both the income tax systems, the tax rates on different incomes are also different.
Finance Minister Nirmala Sitharaman presented the interim budget in February this year. The interim budget was presented by the Finance Minister due to the Lok Sabha elections. Now before presenting the full budget, Nirmala Sitharaman discussed with economists on Wednesday. She will also discuss with other sections of the society before the budget. Let us tell you that many organizations have demanded relief in income tax to the common people. This demand has been going on for a long time, but the government’s expenses have become so high that the Modi government did not make any changes in the tax slab. Instead, a new tax system was brought and exemption on income up to Rs 7 lakh was announced by Finance Minister Nirmala Sitharaman.