FM says new tax regime has been made \'very attractive\'
1 year, 10 months ago

FM says new tax regime has been made \'very attractive\'

Deccan Chronicle  

NEW DELHI: Finance minister Nirmala Sitharaman on Friday said that the government chose the capital expenditure route to revive the economy as it has a great multiplier effect. She also said the new tax regime has been made “very attractive”, emphasising on moderation in personal taxes for the middle classes in the country. “In the new tax regime, offering a rebate on annual income of up to Rs 7 lakhs will leave higher disposable income in the hands of the people,” she added. Also, income between Rs 3-6 lakh will be taxed at five per cent; Rs 6-9 lakhs at 10 per cent, Rs 9-12 lakhs at 15 per cent, Rs 12-15 lakhs at 20 per cent and income of Rs 15 lakhs and above will be taxed at 30 per cent,” she said, adding no tax will be levied on annual incomes of up to Rs 7 lakhs. Premachandran's remark that the new tax regime will not be beneficial for a person earning Rs 9 lakhs annually and having an investment of Rs 4.5 lakhs in tax savings instruments, Ms Sitharaman said for a person saving Rs 4.5 lakh will be an “effort-ridden exercise” and for a person earning Rs 9 lakhs, it is not always possible to have Rs 4.5 lakhs as saving and then also have enough money to spend on your family,” she said.

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