Income tax slab: The general budget will be presented in the country next month. People expect from the budget that the government will lay emphasis on the development of infrastructure. At the same time, in the budget to be presented on February 1, salary class employees are expecting tax cuts and increase in slab rates. At the same time people of salary class are also expecting change in HRA.
Housing Rent Allowance
Salary class employees believe that the calculation of House Rent Allowance (HRA) needs to be changed in the definition of metro cities. At present, Delhi, Mumbai, Kolkata, Chennai are called metro cities. Employees in these cities get benefits by way of HRA deduction. However, there is a demand from people of other cities like Bangalore, Pune to get the same benefits.
Change in tax slab
At present, two types of options have been provided to taxpayers while filing taxes. Through which his income is tax free up to Rs 2.5 lakh. At the same time, tax rebate is also available on income up to Rs 5 lakh. In such a situation, the people of the salary class are expecting that in this year’s Union Budget, the government will increase the basic tax exemption from Rs 2.5 lakh to at least Rs 5 lakh.
Expectations of common people
The general budget is going to be presented soon in the country. People have a lot of expectations before the budget. This time people have some special expectations from the budget. The reason for this is that this is the last full budget of Modi government 2.0. Meanwhile, salaried employees form the largest group of taxpayers in the country. In such a situation, getting some relief to these people in the budget can have a big impact on this group.