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PERSONAL FINANCE
The government views this adjustment as a means to stimulate household spending, especially among urban dwellers who face high living costs.
The Finance Minister is said to be contemplating an alteration to allow the reduction of income tax for people earning up to 15 lakh a year in the coming February Budget, in an attempt to ease the burden on the middle class and stimulate spending during a period of economic slowdown. This new change, if it occurs, will be available for those opting for the 2020 tax regime, under which now individuals in the bracket of ₹3 lakh to ₹15 lakh are taxed at 5% to 20% rates, while individuals earning over ₹15 lakh are taxed at a higher rate of 30%.
The government views this adjustment as a means to stimulate household spending, especially among urban dwellers who face high living costs. The demand for consumer goods and even vehicles has fallen because India's economy, the fifth-largest in the world, is growing at its slowest pace in seven years, coupled with soaring food price inflation.
Currently, individual taxpayers in India have the option to choose between two different tax systems: the old regime, wherein certain exemptions are available, such as house rent and insurance, and the newer regime, which is marked by lower rates and less in the way of exemptions. With the newer regime expected to attract more taxpayers, the aim of lowering the tax rates here is to increase the attractiveness of the newer regime as an easier option.
In India, most tax revenues come from those working one earning under ₹10 lakh per year, charged at 30%. The reduced tax for this segment hopes to relieve some financial pressure on middle-class groups and promote economic recovery.