OTAKUBAY

Finance Minister Nirmala Sitharaman today said the new tax regime will benefit the middle class, as it will leave more money in their hands. Speaking 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. Under the revamped concessional tax regime, which will be effective from the next fiscal, no tax would be levied on income up to Rs 3 lakh. Income between Rs 3-6 lakh would be taxed at 5 per cent; Rs 6-9 lakh at 10 per cent, Rs 9-12 lakh at 15 per cent, Rs 12-15 lakh at 20 per cent and income of Rs 15 lakh and above will be taxed at 30 per cent. However, no tax would be levied on annual income of up to Rs 7 lakh. Answering a question on the Adani Group row, the minister said, "Indian regulators are very, very experienced and they are experts in their domain. The regulators are seized o

Finance Minister Nirmala Sitharaman today said the new tax regime will benefit the middle class, as it will leave more money in their hands. Speaking 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. Under the revamped concessional tax regime, which will be effective from the next fiscal, no tax would be levied on income up to Rs 3 lakh. Income between Rs 3-6 lakh would be taxed at 5 per cent; Rs 6-9 lakh at 10 per cent, Rs 9-12 lakh at 15 per cent, Rs 12-15 lakh at 20 per cent and income of Rs 15 lakh and above will be taxed at 30 per cent. However, no tax would be levied on annual income of up to Rs 7 lakh. Answering a question on the Adani Group row, the minister said, "Indian regulators are very, very experienced and they are experts in their domain. The regulators are seized o

Union Finance Minister Nirmala Sitharaman on Friday said the new tax regime will leave higher disposable income in the hands of people. Replying to the debate in Lok Sabha on the general budget on Friday, she said government's efforts to recover the economy after pandemic have been through the capital expenditure route. Replying to a query of a member who had cited figures about tax saving from the old tax regime, she said saving Rs 4.5 lakh from an income of Rs 9 lakh will be effort-ridden exercise. "Since the enhanced rebate limit is unconditional, it leaves higher disposable income in the hands of people," Sitharaman said. In her Budget document presented on February 1, the Finance Minister made major announcements relating to the personal income tax. The rebate limit in the new tax regime has been increased to Rs 7 lakh. The tax structure in the new personal tax regime has been changed by reducing the number of slabs to five. The new income tax regime has been m

Union Finance Minister Nirmala Sitharaman on Friday said the new tax regime will leave higher disposable income in the hands of people. Replying to the debate in Lok Sabha on the general budget on Friday, she said government's efforts to recover the economy after pandemic have been through the capital expenditure route. Replying to a query of a member who had cited figures about tax saving from the old tax regime, she said saving Rs 4.5 lakh from an income of Rs 9 lakh will be effort-ridden exercise. "Since the enhanced rebate limit is unconditional, it leaves higher disposable income in the hands of people," Sitharaman said. In her Budget document presented on February 1, the Finance Minister made major announcements relating to the personal income tax. The rebate limit in the new tax regime has been increased to Rs 7 lakh. The tax structure in the new personal tax regime has been changed by reducing the number of slabs to five. The new income tax regime has been m