The government can increase the amount of the Prime Minister's Kisan Samman Nidhi from Rs 6,000 per annum to Rs 8,000 per annum

Finance Minister Nirmala Sitharaman may make a big announcement on tax breaks in Budget 2024-25. A Bloomberg report claims this year's budget could include an income tax exemption. The move will benefit individuals with annual income of Rs 5 lakh to Rs 15 lakh. They are currently facing a tax rate of 5 to 20 percent.

The report further said that the Center is considering a new tax bracket. However, the matter is still under discussion and the final decision will be taken during the budget presentation. It also said that despite the potential revenue loss from these tax changes, the government is committed to maintaining its fiscal deficit target of 5.1% of GDP for the current fiscal.

The amount of PM Kisan Yojana could also be increased

The report also claimed that the government is considering increasing the incentive amount given to farmers under the PM Kisan Yojana. Rs. 6,000 per annum can be increased to Rs. 8,000 per annum. It can also increase payments under the Minimum Guarantee Scheme and extend financial assistance to women farmers. Currently, the government pays Rs. 6,000 annually or Rs. 2,000 every four months under the Pradhan Mantri Kisan Samman Nidhi Yojana.