Finance Minister Nirmala Sitharaman presented the first budget of Modi 3.0 on 23 July. Meanwhile, she made several big announcements, including changes in tax rates and increasing standard deduction. She made this change under the New Tax Regime, while no exemption was given regarding the Old Tax Regime. In a conversation with Aaj Tak on Thursday regarding the budget, the Finance Minister has told why the exemption was not increased in the Old Tax Regime?
Finance Minister Nirmala Sitharaman said on Thursday that this budget has been a budget that provides relief to the middle class. She said that the middle class has been given relief by reducing the income tax rate and standard deduction. Apart from this, subsidy on loans up to Rs 10 lakh for higher education has also been announced for students. In such a situation, this is a big relief.
Why was there no relief in the old tax regime?
Speaking on a question about tax exemption, the Finance Minister said that not only tax exemption is a big relief, but we are giving exemptions all around. We have always been trying to reduce taxes. He further said that we did not think it right to reduce taxes in the Old Tax Regime. That is why we brought the New Tax Regime and will continue to increase exemptions in it in the future.
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If you are earning then it is necessary to pay tax
Finance Minister Nirmala Sitharaman said that people should fulfill their duty towards their tax liability. She said that more and more people should pay tax. For this, things like TDS, TCS were introduced, because when you go to claim these, you come under the purview of tax.
He said that there are many people who do not come under the tax net but afford expensive cars and luxury items. The Finance Minister said that if you are earning well then you should fulfill your duty towards the country by paying tax.