Lok Sabha on Friday passed the Finance Bill 2023 with several offiical amendments amid din created by sloganeering by the Opposition parliamentarians who continued with their demand of a Joint Parliamentary Committee probe into the Adani-Hindenburg issue
Replying to the debate in Lok Sabha on the general budget on Friday, the Finance Minister also talked about the new tax regime stating that it will leave higher disposable income in the hands of people.
The income tax rebate limit available for salaried and individual taxpayers under the new income tax regime has been hiked to Rs 7 lakh from the present Rs 5 lakh.
Union Finance Minister Nirmala Sitharaman on Wednesday announced an increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh stating that the new tax regime will now be the default tax regime.
In her budget speech, the minister made five major announcements in regard to personal income tax, saying these primarily benefit hard-working middle class
Finance Minister Nirmala Sitharaman declared five major announcements in the new tax regime including an increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh stating that the new tax regime will now be the default tax regime.
Speaking on the Personal Income Tax rebate in the new tax regime, Sinha said, "Middle class will benefit most from this year's budget. Consumption will increase due to this move and the economy will further boost."
Union Finance Minister Nirmala Sitharaman, during the Budget session today, announced an increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh stating that the new tax regime will now be the default tax regime.
In her Budget speech finance minister Nirmala Sitharaman also proposed to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 lakh.
New Delhi [India], Feb 1 (ANI): Finance Minister Nirmala Sitharaman on Saturday hailed the Goods and Services Tax (GST), saying that the new tax regime has resulted in efficiency gains in transport and logistics sector.
Madurai (Tamil Nadu) [India], Jan 12 (ANI): Actor-turned-politician, Kamal Haasan on Saturday said that film industry is suffering because of Goods and Services Tax (GST) and had taken his warning against the new tax regime, lightly.