New Delhi, Feb 1 In a historic move, Finance Minister Nirmala Sitharaman presented her 8th consecutive Union Budget on Saturday, with a focus on driving growth through four key sectors: Agriculture, MSMEs, Investment, and Exports. In a major relief for taxpayers, Sitharaman announced that individuals earning up to Rs 12 lakh annually will no longer have to pay income tax under the new regime. The middle class has hailed the decision as a step forward for financial relief and growth.
Talking to IANS, Manjusha Shrivastava, a fashion designer, expressed optimism, highlighting the benefits for the handicraft sector and its potential to create employment. She acknowledged that while women-specific announcements were limited, the overall growth strategy would benefit all, including women.
Subramanyam Harda, President of the Bangalore Hotel Association, emphasised the relief for middle-class earners, especially with the reduced tax slabs and benefits for the salaried class. Though inflation remains a concern, he believes the changes will ease the financial pressure on working families.
Businesswoman Vartika Shukla called the Rs 12 lakh tax exemption the best part of the budget, along with reduced taxes on life-saving medicines for critical illnesses. However, she voiced disappointment over the lack of substantial focus on women’s issues, despite initial expectations.
Vikas Kumar, another middle-class citizen, was overjoyed by the Rs 12 lakh exemption, calling it a “bumper deal” and a much-awaited relief. Though cautious about inflation, he expressed confidence that the extra savings would be a welcome boost for families.
Overall, the budget has sparked hope and excitement among the middle class, with many seeing it as a positive step towards financial freedom and economic growth.
Finance Minister Nirmala Sitharaman on Saturday announced that there will be no income tax payable for incomes up to Rs 12 lakh annually, and Rs 12.75 lakh for salaried taxpayers (including standard deduction).
In the new tax regime, the revised tax rate structure is Rs 0-4 lakh (zero tax), Rs 4-8 lakh (5 per cent), Rs 8-12 lakh (10 per cent), Rs 12-16 lakh (15 per cent), Rs 16-20 lakh (20 per cent), Rs 20-24 lakh (25 per cent), and above Rs 24 lakh (30 per cent).
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