Middle class will benefit from the new income tax system, more money will be left in hand for expenses: Finance Minister. The middle class will benefit from the new income tax system, more will be left in hand for expenses

Finance Minister Nirmala Sitharaman - India TV Paisa
Photo: PTI Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman said on Saturday that the new tax system (new income tax system) will benefit the middle class as more money will be left in the hands of taxpayers by adopting this system. He will be able to spend this money in his need. After addressing the post-budget meeting of the Reserve Bank of India’s (RBI) board, Sitharaman told reporters here that it is not necessary to encourage people to invest through government schemes. Instead, people should be given the opportunity to make individual decisions about their investments.

Many changes were made to make it attractive

While presenting the budget for the financial year 2023-24 on February 1, Sitharaman had made several announcements to make the new tax system more attractive. In this, the announcement of no tax on annual income up to Rs 7 lakh is most important. On the question asked about the ongoing upheaval in the shares of Adani Group in the Indian stock market for the last two weeks, he said, Indian regulators are very experienced and they are experts in their field. The regulators are aware of this issue and are always vigilant about their work.

Preparing to bring a common format on cryptocurrencies

Regarding the regulation of crypto currencies, the Finance Minister said that discussions are going on with the G20 countries to prepare a common framework for this. On this occasion, RBI Governor Shaktikanta Das said that retail inflation is estimated to be around 5.3 percent in the next financial year (2023-24) and it may decline further if crude oil prices come down. He said that the inflation assessment for the financial year 2023-24 has been done on the basis of the possibility of crude oil remaining at the price of $ 95 per barrel. On the rate of loans given by banks, the RBI governor said that market competition will decide the rates of lending and deposits.

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