New tax regime to benefit middle class, leave more money in their hands: FM

New Delhi: Finance Minister Nirmala Sitharaman on Saturday said that the new tax regime will benefit the middle class as it will leave more money in their hands. Talking to reporters after the customary post-Budget address to the central board of RBI, she said that it is not necessary to induce individuals to invest through government schemes but give him an opportunity to make a personal decision regarding investments.

'No tax would be levied on income up to Rs 3 lakhs'

Under the revamped concessional tax regime, which will be effective from the next fiscal, no tax would be levied on income up to Rupees three lakhs. Income between Rs 3-6 lakh would be taxed at five percent, Rs 6-9 lakh at 10 percent, Rs 9-12 lakh at 15 percent, Rs 12-15 lakh at 20 percent and income of Rs 15 lakh and above will be taxed at 30 percent.
However, no tax would be levied on annual income of up to Rupees seven lakh.

Answering a question on the Adani Group crisis, the minister said, "Indian regulators are very, very experienced and they are experts in their domain. The regulators are seized of the matter, and they are on their toes as always not just now."

On regulating cypto assets, she said that India is in discussion with G20 nations for designing a common framework.

Budget 2023: Govt to launch Rs 2,200 cr Aatmanirbhar clean plant programme, says Sitharaman

Retail inflation is expected to be around 5.3% in 2023-24

Responding to a query on price rise, RBI Governor Shaktikanta Das said that retail inflation is expected to be around 5.3 percent in 2023-24 and may fall further if crude prices remain benign.

Das said that RBI has assumed USD 95 per barrel rate of crude for inflation projection for the next fiscal. On pricing of loans, Das said that market competition will decide rates on lending and deposit sides as it has been a de-regulated segment.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)