Page 21 - NIS English 16-31,March 2023

Middle Class Cover Story

Tax relief to the

middle class,

procedures have

also become

easier

With the resolution of a developed India
in the golden year, the work of getting
the citizens out of legal entanglements,
simplifying procedures, and increasing
transparency by using technology is being
done at a fast pace. Income up to Rs 7 lakh
has been made tax-free, giving major tax
relief to the middle class amidst the all-
inclusive and efficient economic policies of
Prime Minister Narendra Modi.

Up to Rs 7 lakh income becomes The effective tax rate was 12.7% In order to empower the
tax-free in the new tax regime in 2013 which has come down
Income tax slab reduced from to 8.3% in 2022 (on Rs 15 lakh middle class, our government
6 to 5. per annum). has taken several decisions

In the new tax regime, now the Now processed in 16 days with in the past years and has
benefit of a standard exemption easy e-filing and faster refunds. ensured Ease of Living. We
of Rs 50 thousand will also be have reduced the tax rate, as
available. Faceless assessment and
provision of appeal provided well as made the process
In the new tax regime, a person freedom from harassment simple, transparent, and fast.
with an annual income of up to
Rs 9 lakh will have to pay only Support of their rights from the Our government, which has
Rs 45,000 and Rs 1.50 lakh on Charter of Taxpayers. always stood with the middle
an income of Rs 15 lakh.
Simple tax regime for easy class, has given huge tax
The new tax regime will become compliance. relief to the middle class.
the default tax regime from the
financial year 2023-24, and the Settlement of tax disputes - Narendra Modi,
freedom to choose the old system worth Rs 1 lakh crore, Vivad se Prime Minister
will remain with taxpayers. Vishwas scheme.

New India Samachar March 16-31, 2023 19