Income tax exemption: In the last five years, the central government has given a total discount of Rs 8.7 lakh crore to taxpayers under the category of individual and Hindu undivided family (HUF). This information has been revealed 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 exemption of Rs 8.7 lakh crore to individuals and Hindu undivided families in five years, which is doubled from the tax exemption given to the corporate world. Whereas in the same period of five years, the government has given a tax exemption of Rs 4.5 lakh crore to the corporate world. In fact, the opposition has been accusing the government of standing with the corporate world. On February 1, before presenting the budget of FY 2025-26, the government was accused of being anti-middle class and anti-salaried class.
Finance Minister Nirmala Sitharaman, while presenting the first full budget of the third term of the Modi government, gave a big relief to the taxpayers and announced that under the new tax system, those who earn Rs 12 lakh annually will no longer have to pay any income tax. This will reduce the tax burden on the middle class, so that they will have Rs 1 lakh crore to spend. This will help in increasing domestic consumption, savings and investment.
Finance Minister Sitharaman has given great relief to salary pensioners through his budget. In the new financial year 2025-26, people who earn annually up to Rs 12 lakh will not have to pay any tax. That is, income of up to Rs 12 lakh has become tax free. It is a matter of relief that taxpayers will continue to get the benefit of standard deduction of Rs 75000 annually in the new system. That is, the taxpayers whose annual income is Rs 12.75 lakh, will not have to pay any tax. There has been a big change in the tax slab in the new income tax system. No tax will have to be paid on income up to Rs 4 lakh.
The Finance Minister has given a big gift to senior citizens. It has been announced to increase the TDS limit on interest for senior citizens. The TDS limit for senior citizens has been increased from the current Rs 50000 to Rs 1 lakh. That is, the TDS limit cut on interest up to Rs 50,000 on FDs in banks has been increased to Rs 1 lakh.
