What's new about the new tax regime?

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”.

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.

People watch the Union Budget being presented by Finance Minister Nirmala Sitharaman in the Parliament. (HT PHOTO)