September 5, 2023
Finance International

Finance Minister Of India ‘Nirmala Sitharaman Explains Rationale Of Lower Rates In New Income Tax Regime

Finance Minister Nirmala Sitharaman said that Budget recommendations under the recent tax regime will vacate additional cash in the hands of the populace and it is up to to the taxpayer to agree on where to put his cash, relatively than the administration incentivizing or disincentivizing him to do so.

In this year’s Budget, the finance minister declared openly a number of differences to the unique tax regime, comprising deduction of number of tax slabs. To make it more beautiful, common removal was also submitted in the recent tax regime.

“The new tax regime has left more money in the hands of the taxpayer. Over and above what he pays as tax, the money that is left in his hand are him to decide what to do with it. Why should I underestimate the decision-making ability of the householder – who takes care of family, runs his family takes care of the future interest of household – saying if you put your money here I incentivize you to do it but you may not want to put there because I may not given any incentive,” Sitharaman said.

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