No Income Tax Up To Rs 7.27 Lakh Per Year Under New Tax Regime: FM Sitharaman
In a major stride towards providing much-needed financial respite to the middle-income segment, Finance Minister Nirmala Sitharaman unveiled a revolutionary new tax regime that offers complete exemption from income tax for individuals earning up to Rs 7.27 lakh annually. The announcement, made during the Union Budget presentation, marks a significant move to alleviate the tax burden on a vast number of taxpayers and spur economic growth. With this progressive tax reform, the government aims to empower citizens with greater disposable income, encouraging higher spending and boosting consumption in the economy.
FM Sitharaman stressed that the new tax regime reflects the government’s commitment to fostering an inclusive and equitable economic environment. By exempting taxpayers with annual incomes below Rs 7.27 lakh from income tax obligations, the government aims to promote savings, investment, and entrepreneurship among the middle-income segment. This measure is expected to stimulate economic activity, create jobs, and contribute to India’s journey towards becoming a thriving, dynamic economy. Additionally, it is hoped that the increased purchasing power among middle-income earners will have a cascading effect, positively impacting various sectors and ultimately leading to sustained economic growth.