Finance Minister Nirmala Sitharaman was shocked when she learnt that the Opposition parties expressed their displeasure over the Budget she presented in the Parliament on Wednesday.
First Budget in Amrit Kaal
FM Sitharaman gave an 87-minute speech in which she informed of the budget allocated for each sector. This was the first Budget that was presented in the 'Amrit Kaal' and Sitharaman made sure to keep everyone happy with the new policies and budgets in place.
Majority of the people were waiting to hear about the new Income Tax slabs and what the central government has decided for the salaried middle-class.
The FM revealed that income tax will be exempt for people earning up to ₹7 lakh in the new regime while also announcing the revisions in the old tax slab.
Sitharaman left shell-shocked at press briefing
She later addressed a press conference in which a journalist told her that the Opposition parties like the Congress are still not happy with the new Income Tax reforms.
The journalist told her that the Opposition said that the Budget 2023 was "not good enough".
"Opposition parties have been calling this 'nil battey sannata' (good for nothing) budget… they said [it is] not good enough," the journalist asked.
Sitharaman couldn't believe her ears when she heard. "For what reasons (are opposition parties saying this)... if I may know?"
The journalist then went on to inform her that the Opposition leaders were saying that the Budget 2023 doesn't provide much for the middle class to which Sitharaman went, "Whaaaat?".
The FM informed that apart from the reduction in tax under the new regime, they have also eased the burden for those who are following the old tax regime.
FM proposed a new tax regime, under which people who earn up to 7 lakh rupees won't have to pay any tax on their income.
Those who earn between 7-9 lakhs will have to pay 5% tax, that means if you earn 9 lakhs your tax will be only 45,000 rupees for one year.
Between 9-12 lakhs the tax now is 10%, between 12-15 is 15% and for those earning above 15 lakhs per annum will pay 30% tax. This is under the new tax regime which has been made the default regime by the Centre.
But, people can also avail benefits according to the old tax slab. The old slab has also been revised according to which 0-3 lakhs there is no tax, 3-6 lakhs is 5% tax, 6-9 lakhs is 10%, 9-12 lakhs is 15%, 12-15 is 20% and above 15 lakhs is 30%.
(To receive our E-paper on WhatsApp daily, please click here. To receive it on Telegram, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)
