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New tax regime to benefit middle class: Sitharaman

NEW DELHI: Finance Minister Nirmala Sitharaman on Saturday said the new tax regime will benefit the middle class as it will leave more money in their hands.

Talking to reporters after the customary post-Budget address to the Central Board of RBI, she said it is not necessary to induce individuals to invest through government schemes but give them an opportunity to make a personal decision regarding investments.

Under the revamped concessional tax regime, which will be effective from the next fiscal, no tax would be levied on income up to ₹3 lakh. Income between ₹3-6 lakh would be taxed at 5%; ₹6-9 lakh at 10%, ₹9-12 lakh at 15%, ₹12-15 lakh at 20% and income of ₹15 lakh and above will be taxed at 30%.

However, no tax would be levied on annual income of up to ₹7 lakh.

Answering a question on the Adani Group crisis, the Minister said, “Indian regulators are very, very experienced and they are experts in their domain. The regulators are seized of the matter and they are on their toes as always not just now.”

On regulating cypto assets, she said that India is in discussion with G20 nations for designing a common framework.

Responding to a query on price rise, RBI Governor Shaktikanta Das said retail inflation is expected to be around 5.3% in 2023-24 and may fall further if crude prices remain benign.

Mr. Das said RBI has assumed $95 per barrel rate of crude for inflation projection for the next fiscal.

On pricing of loans, Mr. Das said market competition will decide rates on lending and deposit sides as it has been a de-regulated segment.


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