New Delhi
Before the central budget, the middle class of the country pays attention to the benefits of income tax. Whether there will be any additional discount. This year too he is no exception. All salaried individuals are waiting to see if they can get a discount.
The budget will be presented on the first day of February. Earlier, sources close to the Union Finance Ministry said that there could be some relief in income tax this year. Pre-budget survey has shown that ordinary people are expecting tax exemption up to Rs 2.5 lakh in the general budget. It is also the opinion of the taxpayers that the tax burden should be imposed on the income slab at the top. Taxpayers have questioned the imposition of additional tax burden on those who earn one million rupees a year or more. 29 percent of the people voted for it. 36 percent of the people want the amount of exemption on investment up to Rs 1.5 lakh to be increased under Section 80C of the Income Tax Act. It is learned that the Union Finance Ministry is also going to give some concessions even if it does not listen to the common people.
In addition to managing the vote, the budget will also focus on reversing the stagnant economy due to the Corona situation. And in order to revive the economy, the market economy must be strengthened by making people have cash in their hands. In view of this, it is safe to say that there is almost no possibility of imposing additional tax burden on the middle class in the case of income tax. However, the country's economic circles think that there will be no significant change in the current slab of income tax.
According to the National Statistics Office (NSO) forecast, the growth rate is expected to be 9.2 percent in the current financial year. Which is slightly lower than the 9.5 per cent forecast by the Reserve Bank. Due to the Corona epidemic, financial activities were affected. With the effect of lockdown. As a result, the economy contracted at a rate of 8.3 percent in the 2020-21 fiscal year. But this time no action has been taken at the local level except for some restrictions.
Meanwhile, the incidence of infection is also low. So the growth rate is expected to turn around. The Services Export Promotion Council hopes that international flights and other commercial activities will be resumed soon after the Corona supermarket is hit. Sunil H Talati, chairman of the company, said that the target of 300 billion export trade is being achieved in the financial year 2022-23. He said the figure would reach ০ 240 billion by the end of the current financial year.
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