Page 30 - NIS English 16-31 February,2023

COVER STORY

First General Budget of Amrit Kaal

NEW TAX

SYSTEM OF

NEW INDIA

The last full budget of the present government is the testimony of the firm thinking, inclusive
vision, and efficient economic policy of the leadership of Prime Minister Narendra Modi.In the
last 9 years, due to robust economy, poverty is decreasing at an annual rate of 12% between
the period of 2015-21, on the other hand, one-third of the population has come to the middle
class club. In order to expand the aspirations of this middle class, the rebate in income tax
has been increased by Rs 2 lakh to Rs 7 lakh which has been made income tax-free in the
new tax regime. Finance Minister Sitharaman said tax slabs have been changed after a long
time. The change in the income tax slab will benefit the middle class.

SIMPLIFIED PERSONAL INCOME

TAX FOR THE MIDDLE CLASS

45% of returns
Exemption limit on the taxpayers'
raised to 3 lakh portal were
processed within
`15 30% 24 hours

`12-15 20% REFORMS SO
NEW INCOME TAX REGIME (Income in Rs Lakh) `9-12 10% 15% taken to process INCOME TAX 6.5 crore returns
FAR IN THE
In the last 8
SYSTEM
years, the time
were processed
`6-9
in the current
down from 93
hours to 16
`3-6 5% returns has come financial year
In the new income tax
`0-3 0% regime, the exemption limit
has been increased from Rs
5 lakh to Rs 7 lakh.

28 New India Samachar February 16-28, 2023