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New tax regime to benefit middle class: FM Sitharaman
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Print New tax regime to benefit middle class; leave more money in their hands: FM Sitharaman
Finance Minister Nirmala Sitharaman on February 11 said the new tax regime will benefit the middle class as it will leave more money in their hands.
Talking to reporters after the customary post-Budget address to the Central Board of RBI, she said it is not necessary to induce individuals to invest through government schemes but give him an opportunity to make a personal decision regarding investments.
Finance Minister Nirmala Sitharaman with other officials of the Ministry and RBI Governor Shaktikanta Das during a press conference after the 600th meeting of the Central Board of RBI.
Under the revamped concessional tax regime, which will be effective from the next fiscal, no tax would be levied on income up to ₹3 lakh. Income between ₹3-6 lakh would be taxed at 5%; ₹6-9 lakh at 10%, ₹9-12 lakh at 15%, ₹12-15 lakh at 20% and income of ₹15 lakh and above will be taxed at 30%. However, no tax would be levied on annual income of up to ₹7 lakh.
Answering a question on the Adani Group crisis, the Minister said, “Indian regulators are very, very experienced and they are experts in their domain. The regulators are seized of the matter and they are on their toes as always, not just now.”
On regulating crypto assets, she said India is in discussion with G20 nations for designing a common framework.
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