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Budget 2023: Relief to the middle class from the new tax regime, the Finance Minister addressed the Central Board of RBI

Pankaj Prasad
Finance Minister Nirmala Sitharaman
Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman has said on Saturday that the new tax regime will benefit the middle class more.

Finance Minister Nirmala Sitharaman has said on Saturday that the new tax regime will benefit the middle class more. Under this regime, more money will be saved in their pocket. In a conversation with reporters after addressing the Central Board of the Reserve Bank after the budget, Sitharaman said that it is not necessary that people should be motivated to invest through government schemes, but they should be given an opportunity to take individual decisions regarding investment. should go.

The Finance Minister said that with effect from the next financial year, no tax will be levied on income up to Rs 3 lakh under the concessional tax regime. Those earning between three to six lakhs will have to pay tax at the rate of five percent. 10 percent tax will be imposed on income between 6 to 9 lakhs. 

Whereas, income tax at the rate of 15 percent will be payable on the income of 9 to 12 lakhs. 20 percent on income between 12 to 15 lakhs, while those earning more than 15 lakhs will have to pay 30 percent tax. On the other hand, under the new tax regime, no tax will have to be paid till the annual income of up to seven lakh rupees. 

Responding to a question on Adani Group's crisis, the Finance Minister said, 'Indian regulators are very experienced and they are experts in their field. The regulators are aware of the matter and will discharge their duties in this matter as in every case.

On regulating crypto-linked assets, the Finance Minister said that India is in discussion with G20 countries to create a common framework. Responding to a question on price rise, RBI Governor Shaktikanta Das said retail inflation is expected to be 5.3 per cent in 2023-24. If crude oil prices remain soft, it may fall further.  

Das said the Reserve Bank has projected crude oil rates at $95 a barrel for the next financial year to keep inflation under control. On loan pricing, Das said market competition would determine rates on the loan and deposit side as it has been a deregulated segment.