Middle class will benefit from the new tax regime: Finance Minister

New Delhi:

Finance Minister Nirmala Sitharaman today said the new tax regime will benefit the middle class as it will leave more money in their hands.

Speaking to reporters after the customary post-Budget address to the Central Board of the Reserve Bank of India, he said that it is not necessary to motivate individuals to invest through government schemes, rather they should be empowered to make individual decisions regarding investments. Should be given a chance.

Under the revised concessional tax regime, which will be effective from the next financial year, no tax will be levied on income up to Rs 3 lakh. Income between Rs 3-6 lakh will be taxed at 5 per cent; Rs 6-9 lakh will be taxed at 10 per cent, Rs 9-12 lakh at 15 per cent, Rs 12-15 lakh at 20 per cent and Rs 15 lakh and above at 30 per cent.

However, no tax will be levied on annual income up to Rs 7 lakh.

Responding to a question on the Adani Group controversy, the minister said, “Indian regulators are very, very experienced and they are experts in their domains. The regulators are aware of the matter and they are on their toes as always, right now.” No.” On regulating crypto assets, he said that India is in discussion with G20 countries to work out a common framework.

Responding to a question on price rise, RBI Governor Shaktikanta Das said retail inflation is expected to be around 5.3 per cent in 2023-24 and may decline further if crude oil prices remain soft.

Mr. Das said that the RBI has assumed $95 per barrel crude oil rate for the inflation projection for the next financial year.

On pricing of loans, Mr. Das said that market competition will decide the rates on the loan and deposit sides as this has been a regulated segment.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group company.)