New Delhi: What the government promises in the country's budget, a salary class person is more concerned about how much relief he has been given in income tax. This is going to be the election budget of the Modi government this year, in such a situation it remains to be seen whether the government gives big relief to the salary class? In the last budget, Finance Minister Nirmala Sitharaman had given a lot of relief to the salary class in income tax in the interim budget of 2019. Last year, Finance Minister Nirmala Sitharaman had worked to make the government's 'New Tax Regime' attractive. To ensure that more and more people choose it, it was also made the default. Let's take a look at last year's tax exemptions and gifts received in 2019...
Income of Rs 7.5 lakh became tax-free: In last year's budget, Finance Minister Nirmala Sitharaman had made income of up to Rs 7 lakh tax-free by changing the slabs of the new tax regime. Not only this, the benefit of standard deduction available in the old tax regime was also included in the 'New Tax Regime'. This resulted in tax free income of Rs 50,000 for the salaried class. In this way, in the 'New Tax Regime', the government had made income up to Rs 7.5 lakh tax free.
The matter does not end here, senior citizens should get help in saving income tax. Its deposit limit was increased from Rs 15 lakh to Rs 30 lakh. At the same time, the limit of Monthly Income Account Scheme has also been increased to Rs 9 lakh.
Similarly, in 2019, when the Modi government had also presented its last interim budget. The then Finance Minister Piyush Goyal had also increased the limit of standard deduction for giving gifts to the salaried class to Rs 50,000 in the budget. Therefore, it is being estimated that the government may give relief in the budget this year also.
Expectation of exemption in income tax this year: Despite many efforts of the government, the old tax regime still remains very popular in the country. In such a situation, the salaried class hopes that the government can provide some relief in the old tax regime. In this, the savings limit can be increased under Section 80(C). At the same time, the discount available on home loan can also increase.
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