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New Income Tax Bill: It can be announced in the budget, this is how you will get benefits from the new tax system..

Shikha Saxena January 26, 2025 02:15 PM

The central government will present the budget for the country on February 1, in which there are a lot of expectations from the income taxpayers to the common man. It is believed that in the budget session starting from January 31, the government can change the old income tax rules. The government can present a new income tax bill.

In the upcoming budget session, the central government can present a new income tax bill to make the Income Tax Act 1961 easier and make some changes to it. During the last budget, Finance Minister Nirmala Sitharaman had talked about reviewing the Income Tax Act, for which CBDT has also formed a committee. According to the report, the draft of the new law is being reviewed by the Law Ministry. It can be presented in the second part of the budget session. Keeping this in mind, decisions can also be taken in the budget to give relief to taxpayers. There may be an exemption in the new tax regime.

Decision on new tax regime

The government can give relief to taxpayers in the upcoming budget to improve the pace of GDP. In the new tax regime, the government can change the tax slab. The government's aim is to encourage people's spending. Because, unless people spend money, it will be difficult to improve the economy.

Increase in the standard deduction

At present, people earning up to Rs 7 lakh annually do not have to pay taxes to the government. The government can increase this limit further. Apart from this, the limit of standard deduction can be increased from Rs 75,000 to Rs 1 lakh. Because even before this, this limit was increased from Rs 50 thousand to Rs 75 thousand.

The scope of the 20 percent tax will increase.

In the budget, the government can give exemptions to tax payers with higher incomes. Till now, those with income of Rs 12 to 15 lakh have to pay interest up to 20 percent. The government can increase the limit of this slab from Rs 15 lakh to Rs 20 lakh. The entire focus of the government is to increase the country's GDP and reduce the fiscal deficit.

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