Narendra Modi Government had decided to give some relief to the Middle Class finally.
The Government had decided to extend a significant cut in the Income Tax rates after a long time.
Finance Minister Nirmala Sitharaman announced that there will be no Income Tax up to 12 Lakh Rupees. This is applicable only to Taxpayers of Normal Income and not to Special Income like Capital Gains.
The no income tax will go up to 12.75 Lakh Rupees for Salaries class with the 75,000 Rupees Standard Deduction.
This relaxation will ensure more money at disposal for the Middle-Class and will also help increase the consumption.
This relaxation also means that the Government will forego One Lakh Crore Rupees in Direct Taxation and another 2600 Crore Rupees in Indirect Taxation.
This announcement has got cheer across the country especially from the Middle-Class and the Salaried.
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