#NewDelhi: Income tax structure (Income Tax) can be a big change in the budget. Such is the idea of experts. Sources said that some changes may be made to make the income tax system more attractive to the salaried class. Even the BJP’s inner circle has demanded an increase in the upper limit of income tax exemption.
Home rent and medical insurance premiums are also expected to be covered under the new income tax system. The standard deduction, which is deducted from the one-time salary to cover various expenses, may be increased from Rs 50,000 to Rs 1 lakh per annum as the cost of medical treatment due to corona infection is increasing. However, this finance will be used for the treatment of the workers.
Taxpayers are hoping for a further increase in the income tax exemption. Until then, the maximum income of 2.5 lakh rupees would be discounted. It has been requested to pay 5 lakh rupees during the coronation period. Many income taxpayers want the maximum income tax limit to be reduced from 30 percent to 25 percent. Apart from this, many taxpayers have also requested to increase the maximum tax rate from Tk 10 lakh to Tk 20 lakh.
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Finance Minister Nirmala Sitharaman held a pre-budget meeting with BJP representatives from different states. Representatives of industrialists, businessmen, academics, economists, teachers, tribals and the backward classes associated with the Gerua camp were present. There, they have made 3 demands to Nirmala. These are: 1) The upper limit of income tax exemption should be increased. 2) The deduction rate from salary for Mediclaim coverage should be reduced. 3) The tax structure should be further simplified. Although no final decision has been made yet.
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BJP Morcha presidents also shared their views on the budget with Sitharaman. The meeting was chaired by senior BJP leaders from the central office. The state presidents of the party were also present virtually. About 20 written requests have been submitted regarding budget demands. According to ANI, the petition will be compiled and handed over to Nirmala.
By the way, the budget session is going to start from January 31. Due to Corona, this session will be held twice. The first session will be held from January 31 to February 11. The second session will start on March 14 and will continue till April 6. The central budget will be presented on February 1. The work of Parliament has also been divided in two sessions. In the first phase, the budget will be presented and budget issues will be reviewed and in the second phase, various important bills related to finance will be presented in the parliament and those bills will be passed through necessary discussions. The Rajya Sabha session will start at 9 am and will continue till 2 pm. After that the Lok Sabha session will continue from 3 pm to 8 pm.
Already, more than 400 members of parliament have been reported to have been infected. In this situation, Rajya Sabha Speaker Benkaiah Naidu held a meeting keeping in mind the session. At that meeting, he directed to take all measures to control the corona infection. Lok Sabha Speaker Om Birla also kept an eye on the whole situation. Coronation rules must be strictly followed during the session. Arrangements will be made to seat the MPs present according to the social distance rules.
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