Pankaj Chaudhary: Individuals got more tax relief than corporates in 5 years

• Over the last 5 years, individual taxpayers received significantly more tax relief than corporates from the government.
• From FY 2019-20 to FY 2023-24, individual tax relief totaled ₹8.7 lakh crore, while corporate relief was ₹4.5 lakh crore.
• The new tax regime, adopted by 75% of taxpayers, simplified the system and increased the basic exemption limit to ₹4 lakh.
• Tax rebate under Section 87A in the new regime now exempts income up to ₹12 lakh (or ₹12.75 lakh with standard deduction).
• The government will forgo ₹1 lakh crore in direct tax revenue in Budget 2025-26 to boost middle-class purchasing power and economic demand.

Why It Matters: Government tax policy favors individuals, potentially reducing your tax burden.