In a huge relief to middle- and salaried-class people, Union finance minister Nirmala Sitharaman on Wednesday announced five major changes in personal income tax. Presenting the Union Budget for FY 2023-24, Sitharaman said that the proposals regarding personal income tax will primarily benefit the country's “hard-working middle class”. Sitharaman announced that the new income tax regime will now be the default tax regime. However, citizens will continue to have the option to avail the benefit of the old tax regime.
In a huge relief to middle- and salaried-class people, Union finance minister Nirmala Sitharaman on Wednesday announced five major changes in personal income tax. Presenting the Union Budget for FY 2023-24, Sitharaman said that the proposals regarding personal income tax will primarily benefit the country's “hard-working middle class”. Sitharaman announced that the new income tax regime will now be the default tax regime. However, citizens will continue to have the option to avail the benefit of the old tax regime.
One Subscription.
Get 360° coverage—from daily headlines
to 100 year archives.
Archives
HT App & Website