Years
The expectations of getting relief in income tax have increased after Prime Minister Narendra Modi invoked the goddess of wealth for the upliftment of the poor and middle class. Especially the lower middle class may get some relief in the budget.
Finance Minister Nirmala Sitharaman has made the biggest announcement in this budget. Now those who earn annual earnings up to 12 lakhs will have to pay any tax, after calling the goddess of money for the upliftment of the poor and middle class of Prime Minister Narendra Modi, the hopes of getting relief in income tax have increased. Especially the lower middle class may get some relief in the budget. Finance Minister Nirmala Sitharaman said that the limit of TCS on LRS dispatch has been increased from Rs 7 lakh to Rs 10 lakh. The range of TDS on rent has been increased to Rs 6 lakh. Sitharaman said that the limit for filing income tax returns has been increased from two to four years. Nirmala Sitharaman has proposed to rationalize TDS. Giving great relief to the taxpayers, Nirmala Sitharaman announced that the income of at least Rs 12 lakh would be exempted from taxes. No tax will apply to employees with income of Rs 12 lakh or less.
Sitharaman announced a nuclear power mission for research and development of small modular nuclear plants with a outlay of Rs 20,000 crore. Nirmala Sitharaman said on Saturday that the government plans to convert the Indian Postal Department into a large logistics organization with 1.5 lakh rural post offices. The minister, while presenting his eighth budget continuously, said that the Indian post will be converted into a large public logistic organization with 1.5 lakh rural post offices, which will become a catalyst for the rural economy. He also announced the government's plan to set up a 12.7 lakh tonne capacity urea plant in Assam.
In addition, the Finance Minister said to increase the limit of investment and business. Sitharaman said that MSME (micro, small and medium enterprises) with quality products hold a 45 percent stake in our exports. Presenting the 14th consecutive budget of Prime Minister Narendra Modi -led government since 2014, the Finance Minister said that the government will increase the loan guarantee cover for MSME to improve the loan access. Regarding the rural economy, Sitharaman said that the Center will provide assistance to the National Cooperative Development Corporation for loan operations.
Other news
