The middle class will get relief in income tax before Diwali

New Delhi, Oct 1, 2019 Tuesday

A few days ago, the Finance Minister of the Center gave tax exemptions to the corporate sector, ie companies. According to the latest information, income tax relief will be announced to the middle class before the Diwali festivals.

A finance department source said the government aims to increase sales by increasing sales. According to an English newspaper report appearing from the capital New Delhi, the government is supposed to make some changes to Bawa Adam's post-tax income tax regime. The purpose is to ease the tax burden of the middle class.

In view of the suggestions made by the tax force for direct taxation, the central government was planning to amend the tax structure of the people. It also aims to reduce the hardship of taxpayers, reduce tax evasion and even pay non-taxed people.

However, various options are also being considered keeping in view the burden on the government treasury. One alternative is that people with an income of five to one million a year should pay a 10 percent income tax. Right now there is a twenty percent slab.

The slabs, which are considered to be the largest, are also being considered to reduce 30 percent to 25 percent. Another option is to cancel the surcharge or cess. The Finance Department is currently exchanging views on the issue with the Prime Minister's Office. No final decision has been made yet, but it is unlikely that this decision will be taken as a Diwali gift.

In the current year, a income tax of 5 to 5 lakh is applicable to the income tax category. Economists believe tax relief markets will accelerate and growth will also accelerate.