Here's how income tax rate tweaks will boost middle class spending

Quick Summary:

The new structure will increase disposable incomes, boosting household consumption, savings and investment, Finance Minister Nirmala Sitharaman said in her annual budget speech.

Now, after the tax cut, this group will pay about 80,000 rupees less tax each year, the government estimated.

Tax analysts said those earning 2.5 million rupees a year will pay about 343,000 rupees in tax, less than the 457,000 rupees they pay currently.

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Category: BusinessFinance

Markets: India

Topics: Tax rate Economy Indian economy Expenditure Middle class Spending Explainer

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-02-01 @ 17:20:57 (5 hours ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 500 words

Reading Time: 3 minutes read

Sentences: 20 lines

Sentence Length: 25 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 25693471

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