New Tax Regime: Tax will not have to be paid on income of Rs 7.27 lakh. Lifestyle News in Hindi

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New Tax Regime: The Finance Minister has once again praised the new tax regime. He said that after this new system, people will not have to pay any tax on income of Rs 7.27 lakh.

In the budget 2023-24, the Modi government at the center has made many changes to make the new tax system attractive. Since then, the interest of many people in this tax system has increased. On Friday, Finance Minister Nirmala Sitharaman has once again praised the new tax system. The Finance Minister said that the middle class people have got maximum relief and benefits from the new tax regime. He said that people of this class are getting tax exemption on annual income of Rs 7.27 lakh.

Those earning a little more than Rs 7 lakh will also get tax exemption

The Finance Minister has said that the Modi government at the Center is trying to take every section of the country along. In such a situation, keeping in mind the middle class of the country, the government has given income tax exemption to people earning up to Rs 7 lakh. This exemption is available under the new tax regime.

After this decision of the government, many people of the country could not believe it. There was a question in the mind of some people that if a person’s income is more than Rs 7 lakh, will he have to pay tax? In such a situation, we talked continuously to consider this matter. After this it was decided that if the income is a little more than Rs 7 lakh then no tax will have to be paid. For example, a person earning Rs 7.27 lakh annually will not have to pay any tax.

Standard deduction available on income up to Rs.50,000

Nirmala Sitharaman also said that earlier people were not getting the benefit of standard deduction in the new tax regime, for which many complaints were coming. In such a situation, keeping in mind the needs of the people, we have also made a provision for standard deduction up to Rs 50,000.

Budget for MSMEs has been increased manifold

Appreciating the steps taken by the government for Micro, Small and Medium Enterprises, the Finance Minister said that its budget has increased 7 times in the last 9 years. This budget was Rs 3,185 crore in the financial year 2013-14, which has now increased to Rs 22,138 crore in 2023-24. This shows how committed the government is to promote small industries in the country. Along with this, he said that the government is doing 33 percent of the total purchases from MSMEs under the public procurement policy.

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