Income Tax Rates: Finance Minister Nirmala Sitharaman has said that the Central Government has taken great care of the interests of the middle class while determining the income tax rates. The Finance Minister said, the government has given many options to taxpayers through the new income tax regime. The Finance Minister said, earlier there was no exemption in the new income tax regime but after listening to the demand of the people, standard deduction was added to it.
In News18’s program, the Finance Minister said, since 2019, there has been an effort to simplify direct taxation. There have been efforts to simplify the process, due to which the government came up with a new income tax regime in which income tax rates were kept low. The Finance Minister said that we have given the option to taxpayers that if they want deduction, they can remain with the old tax regime. The Finance Minister said, earlier there was no deduction in the new tax regime but after listening to the demands of the people, the government included standard deduction in it.
The Finance Minister said that while presenting the budget for the financial year 2024-25, the government, after discussion, decided to reduce the tax rates in the new income tax regime for the middle class and decided to increase the standard deduction. The Finance Minister said, keeping the middle class in mind, Prime Minister Narendra Modi has also asked to reduce the tax rates. He said, we have always kept the interests of the middle class in mind. Presenting the budget for the current financial year, taxpayers were given relief in the income tax slab in the new income tax regime and the standard deduction was increased from Rs 50,000 to Rs 75,000. The Finance Minister said that out of all the taxpayers who have filed ITR for the assessment year 2024-25, 78 percent of the taxpayers have opted for the new income tax regime.
The Finance Minister warned investors about the increasing speculative activity in the stock market and said that caution is needed regarding this. The Finance Minister said, SEBI and RBI have also expressed concern about speculative activity. The Finance Minister said, we have to ensure that investors do not invest their life’s hard-earned money in high-risk places.
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