Union finance minister Nirmala Sitharaman provided relief for taxpayers by announcing a cut-down in tax rates in the government’s new Income Tax regime
New Delhi: In the ongoing budget session in Parliament, Union finance minister Nirmala Sitharaman announced huge relief for taxpayers.
In her speech in Parliament, FM Sitharaman proposed a new simplified personal Income-Tax regime. In this regime, the tax rate is reduced for people whose income is from Rs 5 lakh to 7.5 lakh to 10%. People earning between Rs 7.5 to 10 lakh will have to pay 15%. Earnings between Rs 10 lakh to 12.5 lakh, will necessitate a tax rate of 20%; 12.5 lakh to 15 lakh – 25%. The tax rate for annual income of Rs 15 lakh and above remains at 30%.
As the finance minister announced this regime, several leaders in the Parliament, including Prime Minister Narendra Modi applauded Sitharaman.
Earlier, in Parliament, the finance minister said that Rs 1.7 lakh crore has been allocated for transport infrastructure in the Union Budget 2020-21 and added that 100 more airports would be developed by 2024 to support the UDAN (Ude Desh ka Aam Naagrik) scheme.
"India's domestic aviation sector has been growing, and the UDAN scheme has contributed to the growth. One hundred more airports will be developed by 2024 to support the UDAN scheme," said Sitharaman while presenting the budget for 2020-21. This scheme was launched to make air travel affordable for common citizens of the country.
She also said that Tejas-like trains would be developed in India.
"Around 1,150 trains will run under the public, private partnership (PPP) mode. We will redevelop four railway stations with the help of the private sector. Also, more Tejas type trains will be developed to connect iconic tourist destinations."
Last Updated 1:40 PM IST