New Delhi: The Pandemic-hit middle class is pinning its hopes on the upcoming Union Budget, that the announcement by Finance Minister Nirmala Sitharaman may help them emerge from the impact of COVID-19 crisis.
Among several expectations ranging from healthcare to insurance to home loans, it is personal taxation aspects that will cast a major impact in the lives of the middle class people.
There has been a widespread demand that the FM should raise income tax slabs at least Rs 3 lakh so that the tax burden for those in the Rs 5 lakh p.a income group could have a little extra at hand. As per media reports, FM Sitharaman may announce something on this track.
In the last Budget 2020, Sitharaman had given an option to the personal income tax-payers to avail of lower rates for those earning up to Rs 15 lakh per year.
FM Sitharaman had announced that the new personal income tax regime for those do not go for any deductions and exemptions, the rate will be 10 percent for those earning between Rs 5 lakh-7.5 lakh per annum against the present rate of 20 percent. Those earning between Rs 7.5 lakh to 10 lakh per year will be able to pay tax at a rate of 15 per cent against the current 20…