00:00Middle class tax payers are expected to get a lot of relief from the government.
00:09There are reports that the government can reduce tax on the annual salary of up to Rs 10.5 lakhs in the budget presented on 1 February 2025.
00:22It can be announced in the budget presented on 1 February 2025.
00:27So let's give you all the information on this decision from the Ministry of Finance in this video.
00:33It has been found that the motive of this proposal is to increase inflation between slow economy and rising inflation.
00:42However, those officials have given this information on the condition of not taking their name and have said that
00:493 lakhs to 10.5 lakhs of income is taxed at 5% to 20% while more than 10.5 lakhs of income is taxed at 30%.
01:03Now, two regimes have been given options for this.
01:07The first is the old regime, which includes taxes like house rent and insurance.
01:12And the new regime, which is the 2020 patch.
01:16And the new regime 2020, which comes with less tax, but more taxes are removed.
01:23Now, in view of these cuts, the government wants to inspire more people to adopt the structure of the 2020 new regime.
01:33According to reports, India's GDP has been the weakest in seven quarters from July to September 2024.
01:40At the same time, food inflation has increased the pressure on the income of urban families,
01:45which is affecting the demand for vehicles, household goods and personal care products.
01:50Experts believe that if this proposal is implemented, then more disposable income will come into the hands of taxpayers,
01:58which can speed up India's economic activity and also have an impact on India's economy.
02:06The economy can be a little stronger.
02:09According to reports, the decision to end tax cuts and other details will be taken close to the budget date.
02:17However, the finance minister has not yet given an official statement on the effects of this proposal or its effect on revenue.
02:27And it is believed that the government will have to pay more for the loss of revenue than the new regime.
02:38So, the government is trying to reduce the pressure of middle-class taxpayers.
02:45And in view of that, the government is working to ensure that its impact on the Indian economy is seen in a balanced way.
02:52Finance Minister Nirmala Sitharaman will present the budget on 1 February 2025.
02:58During this budget presentation, there will be announcements of many such things that will have a middle-class effect and will also have less pressure on them.
03:08So, what are your expectations from this budget 2025?
03:12Give us your opinion in the comment box and keep watching for such updates.
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