Budget 2020: Low middle class and middle-middle class can get exemption in income tax slab
Budget 2020: Low middle class and middle-middle class can get exemption in income tax slab
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The committee constituted on income tax is monitored by every taxpayer. If the recommendations of this committee are approved. So the income tax slab may change in the budget presented on February 1. Income from 6 to 7 lakh rupees can come in the income slab of 5 percent. Income tax of 10 percent can be re-applied. Currently, there is no tax on income up to Rs 2.50 lakh. Income from Rs 2.50 to 5 lakhs is charged 5% income tax.

For your information, tell us tell you that before the budget, the committee constituted on the change in income tax, in its report submitted to the Ministry of Finance, has said that it will be better after the reduction in corporate tax, this time exempted the lower middle class and middle-middle class. Go In such a situation, there is a need to change the income tax slab. Lower middle class and middle-middle clock can be relieved by changing the lower slab.

According to a government official on tax cuts, before the budget, several meetings were held with the PMO on relief of income tax slabs of Finance Ministry officials. Two things were considered in the meeting. First, increase the income tax rebate in investment and change the income tax slab in such a way that the income of up to Rs 10 lakh can be benefited.

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