From Our Bureau
NEW DELHI: Finance Minister Nirmala Sitharaman has said that after the new system of the Income Tax, one has to no longer required to pay any tax on income up to Rs 7.27 lakh.
She once again praised the new tax regime on Friday, noting that it has given maximum relief and benefits to the middle class people. They are getting tax exemption on an annual income of Rs 7.27 lakh.
Those earning a little more than Rs 7 lakh will also get the tax exemption. The new tax regime gives income tax exemption to people earning up to Rs 7 lakh. The minister said it was decided that no tax would have to be paid if the income is just a little more than Rs 7 lakh. For example, a person earning Rs 7.27 lakh annually will not have to pay any tax.
Nirmala Sitharaman also said that earlier people were not getting the benefit of standard deduction in the new tax regime, about 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.
