15 Major Announcements for the Middle Class
- TDS exemption on rental income up to ₹6 lakh
- No tax on income up to ₹12 lakh
- Tax exemption limit for salaried individuals increased to ₹12.75 lakh; standard deduction set at ₹75,000
- Tax exemption for senior citizens doubled
- TDS threshold increased to ₹10 lakh
- Updated ITR can be filed for up to 4 years
- TDS exemption on rental income set at ₹6 lakh
- Mobile phones and e-cars to become cheaper
- Lithium-ion batteries for EVs and mobiles to be more affordable
- LED-LCD TVs to become cheaper with customs duty reduced to 2.5%
- New Income Tax Bill to be introduced next week
- ₹1 lakh crore Urban Challenge Fund to be created
- New schemes for increasing income of urban poor
- In 2025, 1 lakh unfinished houses will be completed and 40,000 new houses will be handed over
- Jal Jeevan Mission funding increased to ₹90,950 crore to ensure tap water supply in every home