The general public hopes that the central government will include a tax exemption in this year’s budget to relieve them of the burden of the nation’s rising inflation.

However, the Ministry of Finance has become much more stringent in this area during the past few years. When questioned about tax exemptions that are not imposed, the Finance Minister repeatedly responded that this is also a tax exemption. However, experts are optimistic about tax breaks with the final comprehensive budget before the elections this year.

According to him, the government might offer tax exemptions as a relief to the general public as a result of the rise in inflation. As a result, more money that can be spent will be in the hands of regular people. Devendra Kumar Mishra, a tax expert, thinks that this time, the government will unquestionably provide help to the common people.

Up to Rs. 6 lakhs, there would be no tax

Common folks can further enhance their income up to Rs 5 lakh to Rs 6 lakh tax-free. The income bracket of Rs 15 lakh without tax exemption, which is fixed in the range of 20%, offers the greatest benefit. It is possible to raise this to Rs. 17 lakhs?

The maximum standard deduction will also rise

In addition, the standard deduction cap for the salaried class may be raised by the government. It can be raised from Rs. 50,000 to Rs. 1,000,000. In addition, there is a $25,000 interest tax exemption limit.

News Mania Desk