Budget 2018: Can get tax relief, increase tax exemption limit, finance minister

In this budget, the government is looking at the middle class, in which most salaried people, ie the class of class people, are actively considering the relief.

New Delhi: In the next budget of the Modi government, the middle class can get great relief. In the coming general budget of 2018-19, the government can increase the tax exemption limit as well as make changes in the tax slab. Sources have given this information. According to sources, there is a proposal to increase the pers

• Annual income of five to ten lakh rupees can be brought under 10 percent tax.


• However, income of 10 to 20 lakh rupees will be taxed at the rate of 30 percent on the annual income of 20 percent and Rs 20 lakh.


• At present, tax is to be paid at a rate of 30% on income of between two and a half lakhs, five per cent, 20 per cent for five to ten lakh rupees and income of more than Rs 10 lakhs.

Finance Minister Arun Jaitley did not make any changes in the income tax slab in the previous budget but giving relief to small taxpayers reduced the rate of income tax in the lowest slab from 10 percent to 5 percent. In the lowest slab, the annual income earns from 2.5 lakh to 5 lakh rupees.

In the pre-budget memorandum of CII , CII has said, "Life expectancy has increased significantly due to inflation. In order to increase the income tax exemption limit to extend the relief to the lower income group, the slab should be expanded as well. "The industry has demanded the company tax rate to be 25 per cent for the companies. However, looking at the government's pressure on the government, it is difficult to fulfill this demand. After the GST was implemented, the pressure on the government's indirect tax collection has increased. This year's budget aims to keep the fiscal deficit at 3.2 percent of the GDP. The government has taken additional loan of Rs 50,000 from the market just to meet the fiscal deficit target.onal income tax exemption limit to Rs 3 lakh from the present 2.5 lakh rupees before the Finance Ministry. However, demand has been rising from time to time by increasing the exemption limit to Rs 5 lakh.

The General Budget for the year 2018-19 will be the last full budget of the current term of the Modi government. In this budget, the government is looking at the middle class, in which most salaried people, ie the class of class people, are actively considering the relief. The government intends that this class should be given relief from the impact of retail inflation.

According to sources, the Finance Minister can make major changes in the tax slab in the forthcoming Budget to be presented on February 1.

• Annual income of five to ten lakh rupees can be brought under 10 percent tax.


• However, income of 10 to 20 lakh rupees will be taxed at the rate of 30 percent on the annual income of 20 percent and Rs 20 lakh.


• At present, tax is to be paid at a rate of 30% on income of between two and a half lakhs, five per cent, 20 per cent for five to ten lakh rupees and income of more than Rs 10 lakhs.

Finance Minister Arun Jaitley did not make any changes in the income tax slab in the previous budget but giving relief to small taxpayers reduced the rate of income tax in the lowest slab from 10 percent to 5 percent. In the lowest slab, the annual income earns from 2.5 lakh to 5 lakh rupees.

In the pre-budget memorandum of CII , CII has said, "Life expectancy has increased significantly due to inflation. In order to increase the income tax exemption limit to extend the relief to the lower income group, the slab should be expanded as well. "The industry has demanded the company tax rate to be 25 per cent for the companies. However, looking at the government's pressure on the government, it is difficult to fulfill this demand. After the GST was implemented, the pressure on the government's indirect tax collection has increased. This year's budget aims to keep the fiscal deficit at 3.2 percent of the GDP. The government has taken additional loan of Rs 50,000 from the market just to meet the fiscal deficit target.