Budget 2024: Modi govt mulls income tax rate cut for earnings over ₹15 lakh, says report

The National Democratic Alliance (NDA) government, led by Prime Minister Narendra Modi, is contemplating reducing income tax rates to stimulate consumption, Reuters reported, citing government sources. \r

Finance Minister Nirmala Sitharaman might announce these revisions in July during the fiscal year 2025 Union budget presentation. The proposed cuts would target individuals earning over ₹1.5 million annually, with adjustments also being considered for those earning ₹10 lakh. \r

This move aims to enhance savings and improve the quality of life for the middle class, aligning with PM Modi's post-election promises to address concerns such as inflation, unemployment, and declining incomes in India's economic landscape.