No Tax Up to ₹12 Lakh Income
👋Hello Readers,
Today’s edition combines warm tales, creative ideas and the rich culture of our people. There is a lot of goodness to focus on and happy endings in these great stories! 😊✨
Wherein, uplifting stories of people helping one another in crisis and cutting-edge breakthroughs that aid in improving living conditions in the society today, we seek out the optimism around us. Wondering where all the good news is about some persons doing great things or perhaps local legends and the works they are doing in the society? We have those and more! 🎉🙌
So, buckle up and start this.
💬 Navigating Perspectives
In a significant move aimed at bolstering the middle class, the Indian government has introduced a policy that exempts individuals earning up to ₹12 lakh from paying income tax. This initiative, announced by Finance Minister Nirmala Sitharaman during the Union Budget 2025, is designed to stimulate economic growth by increasing disposable income among taxpayers. However, the implications and mechanics of this policy are crucial for understanding its true impact.
The New Tax Structure
Key Features of the Tax Regime:
The revised tax structure introduces a tiered system with specific income slabs:
Up to ₹4 lakh: 0% tax
₹4 lakh to ₹8 lakh: 5% tax
₹8 lakh to ₹12 lakh: 10% tax
₹12 lakh to ₹16 lakh: 15% tax
₹16 lakh to ₹20 lakh: 20% tax
₹20 lakh to ₹24 lakh: 25% tax
Above ₹24 lakh: 30% tax
While it appears that individuals earning up to ₹12 lakh will not pay any tax, this is a simplification. The income is still subject to taxation under the slab rates, but a rebate effectively nullifies the tax liability for those earning up to ₹12 lakh.
Economic Implications
Boosting Consumption and Savings
The introduction of this no-tax threshold is expected to have several positive effects on the economy:
Increased Disposable Income: By reducing the tax burden on middle-class earners, more money will remain in their hands, which can lead to increased spending and savings.
Stimulating Economic Growth: Higher consumption levels can drive demand for goods and services, potentially leading to job creation and economic expansion.
Encouraging Compliance: Simplifying the tax structure may encourage more individuals to comply with tax regulations, thereby increasing overall revenue in the long run.
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🗣️ Stories that Matter
Gujarat engineer Shani Pandya has developed innovative solar trees and tiles to promote renewable energy while addressing space constraints. His solar trees can host up to 45 solar modules, generating power for multiple homes. Additionally, his solar tiles, made from plastic waste, provide energy without occupying rooftop space, enhancing urban energy solutions.
In Chiruddi, Jharkhand, women revive the traditional Sohrai painting, transforming their homes into vibrant canvases. This art form, tied to the Sohrai festival, faces challenges due to changing housing styles. Local artist Manish Kumar has inspired women to monetize their craft, fostering pride and cultural heritage while expanding their artistic reach through social media.
At just 19, Mahmood Akram from Chennai has gained recognition for his extraordinary linguistic abilities, mastering 400 languages and speaking 46 fluently. His journey began at age four, inspired by his father's multilingualism. Akram aims to promote language learning and cultural appreciation through his achievements and teaching initiatives.
Rahul Kacha from Surat has established a successful rainwater harvesting business, promoting sustainable water management in a region facing water scarcity. His innovative solutions help households and businesses capture and store rainwater, significantly reducing dependence on municipal supplies. Kacha aims to raise awareness about the importance of rainwater harvesting for environmental conservation.
💡Do you know what day it is!
This day is recognised as National Golden Retriever Day, the Golden Retriever is one of the most popular dog breeds.
🔖 Quote of the day
"Seeking help is not a sign of weakness, but a testament to your strength; it shows your courage to acknowledge that we all need support on our journey."
In the final words of Today’s India, we trust that you have been encouraged by the beautiful stories that have lifted the country up. Be it the startups or old practices to more sociable stories making sure that no one is left behind, there is always a sense of progress and oneness.
As we take these strides, let’s make sure we promote kindness, creativity, and teamwork. And till the next time; may you take pleasure in bringing happiness and inquisitiveness in your day to day activities!
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