HomeBudget 2023New tax regime to benefit middle class: Nirmala Sitharaman

New tax regime to benefit middle class: Nirmala Sitharaman

Finance Minister Nirmala Sitharaman said today that the new tax regime will assist the middle class by putting more money in their pockets.

She told reporters following the annual post-Budget address to the RBI’s central board that it is not required to push individuals to invest through government initiatives but rather to offer him the option to make a personal investment decision.

No tax would be charged on income up to ₹3 lakh under the new concessional tax scheme, which will take effect in the next fiscal year. Income of ₹3-6 lakhs would be taxed at 5%, income of ₹6-9 lakhs at 10%, income of ₹9-12 lakhs at 15%, income of ₹12-15 lakhs at 20%, and income of ₹15 lakhs and beyond would be taxed at 30%.

Nevertheless, no tax will be paid on earnings of up to ₹7 lakh each year.

In response to a query on the Adani Group controversy, the minister stated, “Indian authorities have extensive experience and are specialists in their fields.” The regulators are aware of the situation and are on high alert, as they usually are. She stated that India is in discussions with G20 countries to develop a uniform framework for regulating cryptocurrency assets.

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