Finance Minister Nirmala Sitharaman said the income tax rebate has been extended on income up to Rs 7 lakh, under the new income tax regime.
“introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 Lakhs. I propose changing the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 Lakhs,” she said.
She also proposed to make tax slabs more flexible under the new tax regime. “The new tax rates are 0 to Rs 3 lakhs – nil, Rs 3 to 6 lakhs – 5%, Rs 6 to 9 Lakhs – 10%, Rs 9 to 12 Lakhs – 15%, Rs 12 to 15 Lakhs – 20% and above 15 Lakhs – 30%, ” said Finance Minister Nirmala Sitharaman.
This will help the salaried class and especially the middle class. This budget never looked like an election Budget as there is another budget to be presented next year just before the elections.
That might have some fireworks and sops to the poor and needy especially keeping the voters in mind. This budget is a mixed bag and people are yet to go into it in detail.
The TVs, Mobiles, and electronic goods will come down while the rates of tyres and cigarettes will go up. The customs duty on gold and silver has gone up.
