Govt considers income tax relief for those earning up to Rs 15 lakh: Report

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Times of India 22h ago

Govt considers income tax relief for those earning up to Rs 15 lakh: Report - Times of India

Quick Summary:

India may reduce income tax for individuals earning up to Rs 15 lakh annually in the upcoming budget to support the middle class and drive consumption.

This potential change, under the 2020 tax system, could alleviate financial pressures on millions and stimulate economic growth, particularly in urban areas struggling with high inflation and living costs.

High food inflation is also biting into demand for goods ranging from soaps and shampoos to cars and two wheelers, particularly in urban areas.