Income Tax Rebate: According to official statistics, the government has exempted individuals and HUFs from paying taxes to the tune of Rs 8.7 lakh crore over the past five years. Income Tax Rebate: In the past five years, the central government has given a total rebate of Rs 8.7 lakh crore to taxpayers falling under Individuals and Hindu Undivided Family (HUF) through tax exemption.
This information has come to light from the data given by the government in the Lok Sabha. According to the data presented by the government, the government has given a tax rebate of Rs 8.7 lakh crore to individuals and Hindu undivided families in five years, which is double the tax rebate given to the corporate world. Whereas during the same period of five years, the government has given the corporate world a tax rebate of Rs 4.5 lakh crore.
Also Read :-
- UPI Payment Charges: A fee may apply when using UPI apps – Here’s what you need to know
- Post Office Top Scheme: Earn ₹2 lakh in interest alone – Invest in this post office plan today!
The opposition has been accusing the government of standing with the corporate world. There were claims that the government was anti-middle class and salaried class before the fiscal year 2025-26 budget was presented on February 1. Those earning more than Rs 12 lakh per year will no longer be subject to income tax, according to Finance Minister Nirmala Sitharaman’s announcement in the first entire budget of the third term of the Modi government. This is a giant relief for taxpayers
This changes will reduce the tax burden on the middle class, which will give them Rs 1 lakh crore to spend. This will aid in improving domestic consumption, savings, and investment. Finance Minister Sitharaman has provided much comfort to salaried pensioners through her budget. For those with yearly incomes up to Rs 12 lakh, there will be no income tax in the upcoming fiscal year 2025-26.
That is, income up to Rs 12 lakh has become tax-free. The matter of relief is that taxpayers will continue to benefit from a standard deduction of Rs 75000 annually in the new regime. Taxpayers whose annual income is Rs 12.75 lakh will not have to pay any tax.
A significant change has been made in the tax slab in the new income tax regime. No tax must be paid on income up to Rs 4 lakh. The finance minister has given a significant gift to senior citizens. An announcement has been made to raise the interest TDS limit for seniors. The TDS limit for senior citizens has been increased from the current Rs 50000 to Rs 1 lakh. That is, the limit of TDS deducted on interest up to Rs 50,000 on FD in banks has been increased to Rs 1 lakh.
