Modi government can give relief to middle class in this budget

                             Modi government can give relief to middle class in this budget

In the next budget of the Modi government, the middle class can get great relief. In the forthcoming general budget of 2018-19, the government can increase the tax exemption limit as well as make changes in the tax slab.

According to sources, there is a proposal to increase the personal income tax exemption limit to Rs 3 lakh from the existing 2.5 lakh rupees before the Finance Ministry. However, demand has been rising from time to time to increase the exemption limit to Rs 5 lakh.

The General Budget for the year 2018-19 will be the last full budget of the current term of the Modi government. In this budget, the government is considering actively considering the middle class, which is mostly salaried class, giving great relief. The Government intends that this class should be given relief from the effects of retail inflation. Finance Minister Arun Jaitley did not make any changes to the income tax slab in the previous budget but giving relief to small taxpayers, the rate of income tax in the lowest slab was reduced from 10 percent to 5 percent. In the lowest slab, the annual income ranges between two and a half million to five lakh rupees.

Tax slab may change
According to sources, the Finance Minister can make extensive changes in the tax slab in the forthcoming Budget to be presented on February 1. Annual income of five to ten lakh rupees can be brought under ten percent tax, while the income of 10 to 20 lakh rupees will be taxed at 20 percent and the annual income of more than Rs 20 lakh will be 30 percent. At present, the tax is to be deducted at the income of between two and a half lakhs, five percent, 20 percent on five to ten lakh rupees and the income of more than Rs 10 lakhs is 30 percent.

Government can give relief to industry
In the pre-budget memorandum of CII, CII has said, "Lives due to inflation have increased significantly. In such a way, to increase the income tax exemption limit, to increase the income tax exemption limit, the slab of the other slab should also be increased. "The industry has also asked the company tax rate to be 25 percent for companies. However, looking at the government's pressure on the government, it is difficult to fulfill this demand. After implementation of goods and services, the pressure on the government's indirect tax collection has increased.

In this year's budget, the target is to keep the fiscal deficit at 3.2 percent of GDP. The government has taken additional loan of Rs 50,000 from the market to fulfill the target of fiscal deficit. (From Input language)