Income Tax is the most discussed term these days in India due to the announcement of the budget 2024-25 by the Indian Finance Minister. Income Tax is a tax that is inflicted on individuals and agencies who have certain income or profit from business or job.

In 1860 James Wilson initiated income tax in India to overcome the losses of Government due to Military Mutiny. After that unlimited changes have been made in this regard and the Income Tax Act came into being to control this tax.

Income tax has the most effect on middle-class communities in India because their income and expenses are almost the same. Therefore, when the Income Tax percentage is increased in budget it is just like a small blast for the middle-class people in India.

A rough estimate has shown that 35% to 38% of people are in the middle class and they are unhappy nowadays due to an Increment in Income Tax announced by the finance minister recently. Now, either they have to work more hours or limit their expense to survive in society.

In India middle-class community has suffered a lot due to Income Tax and after this budget, the people who have been supporting Prime Minister Modi for many years have declared that they will change the party soon because it does not take care of us.

This is a turning point and is problematic for India's popular party because it will lose many voters in the next election. The income Tax collection cause is noble because it is beneficial in wealth reallocation and economic growth and the middle-class community of India is prominent in generating this revenue.

Over the last few years, inflation has increased significantly and money value has decreased gradually. It has left a bad impact on the brains of middle-class people and the increment in Income Tax has started s new debate in this community of India and has become a serious issue these days.

After listening to the Finance Minister of India about income tax in Budget 2024-2025, the whole nation is upset especially those who fall in the lower middle class. There is a 10 % income tax on 1-1.5 Lakhs, 20 % income tax on 1.5-2.5 Lakhs, and 30% income tax on 2.5 Lakhs and above.

The government has justified this new tax system by giving relief to those who have an income of 7 Lakhs or above. Furthermore, no relief has been mentioned for those who save more tax as it is in the previous income tax regimen.

It is necessary to consider those people who contribute the most in income tax revenue while implementing the new tax regimen and this is not true for this year's income tax statement in India.

The tax system should be as sweet as honey for the people of India. Honey is collected by honey bees from the nectar of flowers where neither flower nor the honeybee hurts. As a result, honey bee takes the precious aroma and sweetness of flowers.

A successful population makes a country successful and success lies in the satisfaction and happiness of the people of that region. Indian Finance Ministry will consider the objections and suggestions of the people of India to prosper it by leaps and bounds.

Indian Budget 2024 Has Squashed Middle Class