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'Under the new scheme, the grievance was that there was no standard deduction. It is given now,' says FM
FM in a tweet said, ''Under the new regime, there is no income tax to be paid for annual income up to Rs 7 lakh, which effectively increases to Rs 7.27 lakh with marginal relief provisions.''
Finance Minister Nirmala Sitharaman on Friday said the Narendra Modi government has provided several tax benefits to middle class people, including income tax exemption for those earnings up to Rs 7.27 lakh per annum. Asserting that no section of the society has been left out by the government, she mentioned about skepticism in certain quarters when it was decided to provide income tax exemption for those earnings up to Rs 7 lakh in the Union Budget for 2023-24.
The skepticism was about what will happen to those earnings little more than Rs 7 lakh, the finance minister noted.