There are reports that a new income tax bracket may be announced in the Central Budget. Usually, whenever the Central Budget is presented, the expectation of the common people is whether there will be a change in the income tax ceiling.
Nirmala Sitharaman, who is likely to be reinstated as Central Finance Minister, is set to present the full-length budget for the financial year 2024-25.
This time the Modi 3.0 government is likely to announce changes in the income tax bracket. Hence the expectation has increased whether the central government will bring changes in income tax slabs.
As the new income tax system has come into use, it has been reported that there is a possibility of announcing new income tax brackets.
In particular, the central government has said that the income tax rates may be reduced and those earning between Rs 5 lakh and Rs 15 lakh per annum may see a reduction in the tax rate or a change in the tax bracket. Salaried individuals are also expected to benefit from this new notification.
It seems that announcements related to simplifying income tax return filing procedures may also be included in this budget. It seems that the consultations in this regard are in the initial stages and the final decision in this regard will be taken in the Prime Minister’s Office.
Therefore, it is said that the coming Central Budget may bring joyous news for the middle class people and especially the salaried income tax paying individuals.
Earlier, Central Minister Nirmala Sitharaman held a pre-Budget consultative meeting with state ministers and industry. According to reports, industry experts have requested that announcements be made to encourage MSME sectors.
Central Minister Nirmala Sitharaman presented the interim budget in February last year after the parliamentary elections. Now that the elections are over and the results are out and the Modi government is back in charge, he is going to present a full-length budget.
Expectations among people have increased as to what kind of announcements may be released. It is said that some announcements related to people’s welfare may be released as BJP has formed the government with the help of the alliance.
