Income Tax Exemption Extended to Rs 7.27 Lakh per Annum in New Tax Regime: FM Sitharaman

In Udupi, Union Finance Minister Nirmala Sitharaman revealed that the Modi government has implemented various tax benefits for the middle-class, including income tax exemption for individuals earning up to Rs 7.27 lakh per year.

Emphasizing the government's inclusive approach, she addressed concerns regarding those earning slightly above Rs 7 lakh and assured that detailed analysis was conducted to determine the tax liability at different income levels.

ALSO READ: 

Sitharaman highlighted the simplicity and compliance improvements in the tax system, such as the standard deduction of Rs 50,000. She also discussed the government's focus on empowering the MSME sector, increasing budget allocation by nearly seven times in nine years. Furthermore, she mentioned initiatives like the TReDS platform and ONDC that support MSMEs and enhance ease of doing business. The Finance Minister inaugurated the Common Facility Centre at the Indian Institute of Gems and Jewellery, Udupi, as part of her visit.