No Income Tax Till 7.27 L Per Annum

July 17, 2023 15:05
No Income Tax Till 7.27 L Per Annum

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No Income Tax Till 7.27 L Per Annum:- A slight relief for the middle class from the central government. Union Finance Minister Nirmala Sitharaman on Friday in Udipi offered tax benefits for middle-class people. They mentioned that government will exempt income tax for earnings up to Rs 7.27 lakh per annum under the new tax regime. There was no income tax exemption till Rs 7 Lakh as per the 2023-24 Union Budget, now they had a little revival for that. Under the new scheme, they will get a standard deduction of Rs 50,000 also, which was not available (that is no standard deduction) before.

At the same meeting, Union Minister said the achievements of the government achieved in their regime. She told that Micro Small and Medium Enterprises (MSME) sector jumped to Rs 22,138 Cr for the year 2023-34 from Rs 3,185 Cr in 2013-14. She told overall 158 Central Public Sector Enterprises are coming from MSMEs.

Nirmala Sitharaman also mentioned the benefit of the TReDS Trade Receivables Discounting System), which is helpful for MSMEs at times of cash crunch. Nirmala Sitharaman addressed ONDC (Open Network for Digital Commerce) by comparing the Indian Shopping Platforms with Amazon. Central Government is trying to project all their achievements and welfare schemes as Parliament elections are heading near and this meeting in Udipi is one of its kind.

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