On Wednesday, Nirmala Sitharaman denounced claims that the Union budget for 2023–24 was “not good enough” and provided nothing in the way of middle-class help. The finance minister responded to a reporter’s inquiry regarding criticism from opposition leaders by saying, “Whaaat?”
Union Finance Minister slams reports that Union Budget 2023-24 ‘not good enough’ for middle class
Reporter had asked Sitharaman,
“Opposition parties have been calling this ‘nil battey sannata’ (good for nothing) budget… they said [it is] not good enough.”
In response, the Finance Minister prodded journalists for details concerning the opposition’s questions:
“For what reasons (are opposition parties saying this)… if I may know?”
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Sops offered by Union Budget 2023 for Middle Class
Union finance minister Nirmala Sitharaman gave a crucial Budget presentation ahead of the next general elections. She also promised one of the largest increases in capital spending this decade and increased the personal income tax refund ceiling.
The new Budget provided some relief to the middle class by raising the rebate threshold in the new personal income tax structure, which was one of the major announcements for the “hardworking middle-class,” as Sitharaman noted at today’s Parliament session. As a result, if one choose the new tax system, there would be no tax assessed on income up to Rs. 7 lakh, as opposed to Rs. 5 lakh.
Additionally, the administration overhauled the system of concessional taxes and declared that income up to Rs. 3 lakh would not be subject to taxation. The finance minister further stated that income between 3 and 6 lakh will be taxed at a rate of 5%; 6 to 9 lakh at a rate of 10%; 9 to 12 lakh at a rate of 15%; 12 to 15 lakh at a rate of 20%; and 15 lakh and above at a rate of 30%.
Sitharaman also added the standard deduction benefit to the new tax system for the salaried class and retirees, including family pensioners. Now, each salaried employee earning Rs 15.5 lakh or more will gain access to Rs 52,500 in benefits.
Under the new income tax system, Sitharaman also suggested lowering the highest surcharge rate from 37.5% to 25%. This would result in a maximum income tax rate of around 39%, down from 42.7%, which was one of the highest tax rates in the world.
In addition, the finance minister declared that the non-government salaried employee ceiling of 3 lakh for tax exemption on leave encashment at retirement will be extended to 25 lakh. For the first time since 2002, a change to the limit has been recommended.
Also Read: Union Budget 2023: Nirmala Sitharaman To Give Big Announcement On Tourism Sector
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