Government Considering Reducing Income Tax for Individuals Earning Up to Rs 15 Lakhs: Report
The New Year may bring good news for taxpayers. According to a source, the central government is considering reducing income tax for individuals earning Rs 15 lakhs per annum in the upcoming budget to provide relief to the middle class. Lakhs of taxpayers will benefit from this move. Especially the city dwellers who bear the brunt of the cost.
On the other hand, the poor and middle class families are suffering due to the increase in food prices. Currently, annual income between 3 lakhs and 15 lakhs rupees is taxed between 5% and 20%. 30% tax is payable on income above this. However, according to information, the government has not decided how much tax will be reduced. A decision on this may be taken during the budget presentation in February. Also, the Ministry of Finance has not given any response in this matter.
During the 10-year tenure of the Modi government, the tax burden on the middle class, i.e. those earning less than Rs 20 lakhs per annum, has been reduced. According to official data, the rate of income tax collection from taxpayers with income less than 10 lakhs fell to 6.22 percent in 2024 from 10.17 percent in 2014.
A few days ago, middle class people tweeted the finance minister demanding tax exemption from the government. Finance Minister Nirmala Sitharaman also responded. The finance minister said, “The government led by Prime Minister Narendra Modi listens to the people and takes their advice seriously.Thank you for your feedback. Your feedback is valuable. I understand your concern and respect your words.”
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