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Budget 2024: Lottery for the middle class? Government’s special preparation to provide relief in the full budget

Ritul Pandey

By Ritul Pandey

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After the Lok Sabha results, the Modi government has come to power for the third time. As a result, the intention of creating history was greatly thwarted. The displeasure of the middle class was clearly visible. An attempt can be made to remove the displeasure of the middle class in the upcoming Union Budget. Union Finance Minister Nirmala Sitharaman will present the full budget in the financial year 2024-25. Efforts can be made not only for income tax but also for other reliefs. Therefore, there is every possibility that the middle class will hit the jackpot.

What will be special in the budget?

According to a Bloomberg report, Finance Minister Nirmala Sitharaman can give a big relief to the middle class by giving tax exemption in the upcoming budget. According to this report, the new government led by Prime Minister Narendra Modi is making special provisions in the Union Budget to boost turnover. A fund of Rs 50 thousand crore will be provided for this. On that basis, there are indications of a big reduction in tax.

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Big change in income tax

According to reports, senior officials of the Finance Ministry are working on a plan to provide relief to middle class taxpayers. Taxpayers who spend more can get a big relief. They are thinking of increasing tax exemption. Those whose annual income is between Rs 5 to 10 lakh. Currently, income tax is levied at the rate of 5 to 20 percent in this income group. This rate can be reduced in the budget. Or the income tax limit can be increased.

New tax slab expected

According to a Bloomberg report, Union Finance Minister Nirmala Sitharaman may announce a new tax structure in the budget to be presented this July. Sources have informed that preparations have been made for this. The middle class has been kept at the center in the new tax structure. If sources are to be believed, this Union Budget will be no less than a lottery for the middle class. There will be an attempt to provide not only income tax relief but also other reliefs. There is a possibility of reduction in duty on petrol and diesel. Subsidy and tax reduction policies for buying a house, while efforts are being made to start special savings schemes for middle class working women.

Ear piercing done by experts

The reason for the defeat after the results of the Lok Sabha elections was the resentment of the middle class. Market experts have been making the government aware of this for the last few years. But the government ignored it. After Corona, the government gave great relief to the poor. Good schemes were implemented. Big relief to corporate giants. Many schemes and investment roadmaps were made for them. But during this period, nothing came to the share of the middle class. The middle class, the backbone of the economy, was deeply disappointed.

Ritul Pandey

Ritul Pandey

I am Ritul Pandey, a content creator focused on delivering entertaining and engaging news from the worlds of entertainment and sports

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