New Delhi:
Nirmala Sitharaman has given a big gift to middle class families with this general budget. Along with this, he has also worked to help future politics with his statements. The middle class has been prominently at the center of whatever announcements have been made by Nirmala Sitharaman during this budget speech in the Lok Sabha. In this budget speech, he has given many gifts especially from Delhi to Bihar. The Finance Minister has made several important announcements for Bihar. While the announcement of income tax exemption is also expected to benefit the employed people living in the metropolis like Delhi and Mumbai. It is being said that now their savings will increase due to the discount of tax up to Rs 12 lakh and its effect will also be seen positively on their expenses. This budget speech of Nirmala Sitharaman is also very special for Delhi because elections are to be held here only after a few days. As soon as the new income tax slab is announced, the tax burden from the middle class has reduced to a great extent.
After this budget announcement, people with income up to Rs 12 lakh will not have to pay any tax. Whereas if you have more income then you will have to pay tax. The Finance Minister has also announced tax rates for people with more than 12 income. That is, if the taxable income of the taxpayer will be less than Rs 12 lakh, then it will get 100 % relief from the income tax, but the taxpayers whose taxable income will be more than 12 lakhs, they will have to pay tax on the basis of all the slabs. That is, 4 lakh zero, 4 to 8 lakh 5 percent, 8 to 12 lakhs 10 percent, 12 to 16 lakhs, 15 percent, 16 to 20 lakhs, 20 %, 20 to 24 lakhs 25 percent, and then 24 30 percent tax will have to be paid on income above lakhs.
Are there any changes
- There is no tax on income up to Rs 12 lakh now.
- There is no tax on earning of one lakh every month.
- There will be an benefit of 80 thousand rupees on income up to 12 lakhs in New Regime.
- Changes were made to tax slabs in New Regime.
- Tax on income above 12 lakhs.
- New Income Tax Bill will be brought next week.
- Will be able to file 4 years IT returns simultaneously.
- The limit of TDS for the elderly was from 50 thousand to one lakh.
Target from Delhi to Bihar from a budget
Political experts say that the kind of populist announcements made in this budget can benefit the Bharatiya Janata Party in the coming elections. In this budget, Bihar has also been specially focused. Finance Minister Nirmala Sitharaman made announcements for Bihar on Saturday, saying that we are announcing funds here to establish Makhana Board, Financial Assistance for Western Kosi Canal and to increase the capacity of IIT Patna. With this budget, special attention has also been paid to the urban poor living in a metropolis like Delhi. Also, middle class families have been given tax relief. Under the new tax slab, no tax will be levied on income up to Rs 12 lakh. This will benefit middle class and employed people directly. Their purchasing power and savings will increase.
Even before presenting the budget, there was a sign
In this budget, there was a sign of special announcements about states like Bihar where assembly elections are to be held later this year, when the Finance Minister came out wearing a Madhubani painting saree to present the budget. At the same time, the experts of politics started saying that this saree made by Nirmala Sitharaman, which made Madhubani painting, cannot be a coincidence. It is being said that by doing so, the Finance Minister is seen preparing land for his party for the Bihar elections to be held this year. In this time in Bihar, the Bharatiya Janata Party is preparing to contest elections with its constituent parties.