No Income Tax for Individuals Earning Up to ₹12 Lakh, Announces FM Sitharaman in Union Budget

-


In a major relief for middle-class taxpayers, Union Finance Minister Nirmala Sitharaman announced during the Union Budget presentation that individuals with an annual income of up to ₹12 lakh will be exempt from paying income tax. This move is part of the government's efforts to ease the financial burden on citizens and stimulate economic growth.


The new tax exemption is expected to benefit a significant portion of the population, particularly salaried professionals and small business owners. FM Sitharaman emphasized that this measure aligns with the government's commitment to promoting disposable income and boosting consumer spending, which is crucial for economic recovery.


"This budget is focused on empowering the common citizen and ensuring that the benefits of economic growth reach every household," Sitharaman stated. "B
y exempting individuals earning up to ₹12 lakh from income tax, we aim to provide much-needed relief and improve the quality of life for millions of Indians."


The announcement has been widely welcomed by taxpayers and industry experts, who view it as a progressive step towards simplifying the tax regime and encouraging savings. Additionally, the move is expected to increase compliance and broaden the tax base in the long run.


The Union Budget also introduced several other measures aimed at supporting economic growth, including increased allocations for infrastructure development, healthcare, and education. The government has reiterated its focus on achieving inclusive growth and ensuring that the benefits of economic reforms reach all sections of society.


With this landmark decision, the government aims to strengthen the purchasing power of the middle class, drive consumption, and accelerate India's journey towards becoming a $5 trillion economy.

Comments

Post a Comment

Popular posts from this blog

All famous wars of all time

-
Image
Trojan War (c. 1194–1184 BCE ) -  A legendary conflict between the city of Troy and the Greeks, as recounted in Homer's epic poems, the Iliad and the Odyssey.The Trojan War, as depicted in Greek mythology and the epic poems of Homer, involved the city of Troy and the Greeks. The war was sparked by the abduction of Helen, wife of Menelaus, by Paris of Troy. It ended with the Greeks using the Trojan Horse to infiltrate Troy and achieve victory, although the historical accuracy of these events is debated. Peloponnesian War (431–404 BCE) -   Fought between the city-states of Athens and Sparta and their respective allies in ancient Greece.Fought between the city-states of Athens and Sparta and their respective allies in ancient Greece. The war was a result of long-standing tensions between the two powerful city-states and their differing political systems. It ended with the defeat of Athens, leading to the decline of Athenian power and the eventual dominance of Sparta in the region...
Read more

3,00,000-year-old tools were discovered in Britain!

-
Image
A team of archaeologists from the University College of London, led by Letty Ingrey, discovered a set of around 800 Acheulean stone tools that are around 300,000 years old. They were found buried in the sediments of an ancient river channel located in the Medway Valley in England. The excavations took place in Kent, which revealed 800 prehistoric artifacts in deep ice age sediments preserved on a hillside above Medway Valley. These artifacts are said to be 300,000 years old. This is the period when Neanderthal people and their cultures were emerging.
Read more

Top Colon-Cleansing Juices for a Healthy Gut

-
Image
     The colon, or large intestine, is a crucial part of the gastrointestinal tract. It plays a vital role in absorbing fluids, nutrients, and electrolytes from digested food while preparing waste for elimination.      A healthy colon ensures proper bowel movements and reduces the risk of digestive issues such as diarrhea, bloating, constipation, and stomach pain. Colon cleansing is essential to flush out toxins from the body.       When the colon slows down or dysfunctions, toxins can accumulate, leading to complications like hemorrhoids, intestinal tears, and chronic constipation. Juices are an excellent way to cleanse the colon as they are easily absorbed and support proper intestinal function. Below are some of the best juices for colon cleansing. 1. Apple Juice      Apples are rich in fiber and polyphenols, particularly pectin, a type of fiber that acts as a probiotic. Pectin feeds the gut bacteria, promoting efficien...
Read more