Finance Minister Nirmala Sitharaman today cleared the strategy of Modi government during the budget speech. The full focus of the government is now on revenues. Therefore, the declaration of additional tax (surcharge) has been announced for the rich people of the country. The Finance Minister said that those who are being burdened on the rich will take it easy. In fact, in any budget, the tax issue for the common man is always the biggest tension. In this connection, a decision has been taken to increase income tax surcharge in the budget on the millionaires of the country.
Presenting the budget of the country, Union Finance Minister Nirmala Sitharaman said that surcharge is being made for those who earn more than 20 million for the development of the country. The Finance Minister announced that those whose income is between 2 crores and 5 crores annually, they will be surrendered to 3% surplus while the budget has been made to budget surcharge for up to 5 crores.
However, in the budget, the middle classes were not given any relief in income tax. It is worth noting that on February 1, while presenting the interim budget of the tenure of the Modi government, then then Finance Minister Piyush Goyal, giving a gift to the middle class, freed Rs.5 lakhs of tax from the hassle of taxation. Along with that, he also gave indications of a change in the tax slab in the new government. But the middle class was left empty handed in the budget. There was no change in the income tax slab.