Prime Minister Modi can play master stroke by doubling the limit of income tax exemption
Tuesday - January 15, 2019 1:37 pm ,
Category : WTN SPECIAL
Modi can give a gift before the election to salaried middle class
Opposition may be 'concede' defeat by the ‘strategy’ of Modi government for Lok Sabha elections
JAN 15 (WTN) - Before the Lok Sabha elections, Modi Government is preparing to please every section. While making many changes in GST where the Modi government has tried to please businessmen, it is being said that before the announcement of the elections, Modi Government can also give a big gift to the farmers. After the merchants and peasants, Modi can focus on the middle class people and may be possible that in this interim budget, Finance Minister Arun Jaitley may increase the income tax exemption limit double to please middle class service people.
Modi government played the master stroke by giving 10 per cent reservation to the economically backward general class in the job, now it is being said that Prime Minister Modi is working on a strategy to demoralize the opposition by raising the limit of income tax rebate once again.
For your information, let you know that the income tax exemption limit is currently 2.5 lakh rupees. But it may be that in view of the Lok Sabha elections and to give relief to the salaried middle class, the limit of income tax exemption can be increased from Rs 2.5 lakh to Rs 5 lakh, as well as medical expenses and transport allowances can also be restored.
The present Modi government has presented its four full budgets, now that the election is going to be held after a few months, so the Modi government will have to present an interim budget this time, which will be presented by Finance Minister Arun Jaitley on February 1, 2019. For your information, let you know that although the excessive demands can’t be completed in the interim budget, but after the defeat in the three Assembly elections, it is said that the BJP will make every effort to please the middle class.
According to information received from the media, they have come to know from the government sources that there is a plan to streamline the slab of the tax in this interim budget, and in whatever situation, it will be according to the forthcoming direct tax code. In the realm of the new direct tax code, it will try to bring the assessments to the tax limit as much as possible, to create a more equitable system for taxpayers of different categories. For this, it may be possible to reduce corporate tax and make businesses competitive.
For your information, let you know that the annual income up to 2.5 lakh rupees is exempt from personal income tax, while on an annual income between Rs. 2.5 lakh and 5 lakh there is 5 per cent income tax. There is 20 per cent income tax on the annual income between Rs 5 lakh to 10 lakhs, whereas there is 30 per cent income tax on the annual income which is more than Rs. 10 lakhs. At the same time, citizens aged over 80 years earn an income tax rebate on annual income up to Rs 5 lakhs.
On the other hand, for the annual income of Rs 5 lakh last year, the medical expenses of up to Rs 15,000 per annum and removal of transport allowances up to Rs 19,200 rupees were brought down to a standard deduction of Rs 20,000. It is being said that medical expenses and transport allowances can be restored again.
Keeping in view the Lok Sabha elections, the Modi Government is trying its best to please the traders and the farmers as well as the middle-class salaried people. It is said that middle class employees are said to be the traditional vote bank of BJP, after giving 10 per cent reservation to economically backward general class, if the Modi government raises the limit of income tax exemption from Rs 2.5 lakh to Rs 5 lakh, then before the Lok Sabha elections, it can be called a huge master stroke of the Modi government. And if it happens that no answer is seen by the opposition right now.
JAN 15 (WTN) - Before the Lok Sabha elections, Modi Government is preparing to please every section. While making many changes in GST where the Modi government has tried to please businessmen, it is being said that before the announcement of the elections, Modi Government can also give a big gift to the farmers. After the merchants and peasants, Modi can focus on the middle class people and may be possible that in this interim budget, Finance Minister Arun Jaitley may increase the income tax exemption limit double to please middle class service people.
Modi government played the master stroke by giving 10 per cent reservation to the economically backward general class in the job, now it is being said that Prime Minister Modi is working on a strategy to demoralize the opposition by raising the limit of income tax rebate once again.
For your information, let you know that the income tax exemption limit is currently 2.5 lakh rupees. But it may be that in view of the Lok Sabha elections and to give relief to the salaried middle class, the limit of income tax exemption can be increased from Rs 2.5 lakh to Rs 5 lakh, as well as medical expenses and transport allowances can also be restored.
The present Modi government has presented its four full budgets, now that the election is going to be held after a few months, so the Modi government will have to present an interim budget this time, which will be presented by Finance Minister Arun Jaitley on February 1, 2019. For your information, let you know that although the excessive demands can’t be completed in the interim budget, but after the defeat in the three Assembly elections, it is said that the BJP will make every effort to please the middle class.
According to information received from the media, they have come to know from the government sources that there is a plan to streamline the slab of the tax in this interim budget, and in whatever situation, it will be according to the forthcoming direct tax code. In the realm of the new direct tax code, it will try to bring the assessments to the tax limit as much as possible, to create a more equitable system for taxpayers of different categories. For this, it may be possible to reduce corporate tax and make businesses competitive.
For your information, let you know that the annual income up to 2.5 lakh rupees is exempt from personal income tax, while on an annual income between Rs. 2.5 lakh and 5 lakh there is 5 per cent income tax. There is 20 per cent income tax on the annual income between Rs 5 lakh to 10 lakhs, whereas there is 30 per cent income tax on the annual income which is more than Rs. 10 lakhs. At the same time, citizens aged over 80 years earn an income tax rebate on annual income up to Rs 5 lakhs.
On the other hand, for the annual income of Rs 5 lakh last year, the medical expenses of up to Rs 15,000 per annum and removal of transport allowances up to Rs 19,200 rupees were brought down to a standard deduction of Rs 20,000. It is being said that medical expenses and transport allowances can be restored again.
Keeping in view the Lok Sabha elections, the Modi Government is trying its best to please the traders and the farmers as well as the middle-class salaried people. It is said that middle class employees are said to be the traditional vote bank of BJP, after giving 10 per cent reservation to economically backward general class, if the Modi government raises the limit of income tax exemption from Rs 2.5 lakh to Rs 5 lakh, then before the Lok Sabha elections, it can be called a huge master stroke of the Modi government. And if it happens that no answer is seen by the opposition right now.
