No income tax for individual income up to Rs 12 lakh under new regime
Finance Minister Nirmala Sitharaman announced that during the announcement of the Union Budget, the government is to give a huge tax relief for wage earners. She said, "No one earning up to Rs 12 lakh will pay any income tax under the revised tax regime. More than one crore taxpayers benefited from this reduction in financial burden.".
Speaking to the media post-budget, Sitharaman said that the government's objective behind amending tax slabs was to put more money in people's hands. "Earlier, individuals with an annual income of Rs 8 lakh had to pay Rs 30,000 in taxes. Now, they are completely exempt. We have also extended relief across other tax brackets.". With the rebate limit raised to Rs 12 lakh, more than one crore people are exempt from income tax," she explained.
Comprehensive Budget Focused on Economic Growth
The Finance Minister explained that the Union Budget was comprehensive and addressed all aspects of the economy. She assured that all government spending was planned with utmost care to reap maximum benefits.
Key sectors, particularly agriculture, have been focused upon. "We have brought in holistic reforms, from seed improvement to market access. Our government continues to support farmers through investment aid, easy access to loans, and development of new crop varieties. Credit facilities for small and marginal farmers have also been expanded," Sitharaman elaborated.
She also stressed reforms in the power sector. The budget favors both power generation and distribution for meeting the burgeoning energy demands. "We have allocated essential capital expenditure to ensure an efficient power supply system," she concluded.
