Old Tax Regime: Will the Old Tax be finished now? Nirmala Sitharaman gave this answer – old tax regime shut down nirmala sitharaman has given give answer tutd

Old Tax Regime: Will the Old Tax be finished now? Nirmala Sitharaman gave this answer – old tax regime shut down nirmala sitharaman has given give answer tutd

Ever since 0 tax liability and New tax slab has been announced on annual income up to Rs 12 lakh under New Tax Regime, since then the discussion is intensified that the government can eliminate Old Tax Regime. However, Finance Minister Nirmala Sitharaman herself, while removing all the speculation about the Old Tax Reseam, has said that the government has no plan to eliminate Old Tax Rejeem.

Speaking in the ‘Budget Round Table’ program of Business Today, Finance Minister Nirmala Sitharaman said that we have no proposal to close the Old Tax Regime. Any taxpayers can choose one of the two taxes according to their will. It depends on the taxpayers which tax system he chooses.

Is the target of shifting everyone in the new tax system?
When asked if she wants all the taxpayers to adopt the new tax system? Nirmala Sitharaman replied that I want the country’s tax structure to become easier and the tax burden is reduced on top of the people. Finance Minister Nirmala Sitharaman further said that the old tax law has been conducted since 1961, in place of which the government wants to bring a new tax law. Many amendments have been made for this.

1 lakh crore of taxpayers will be saved
He told that tax exemption up to Rs 12 lakh is a big step. Nirmala said that the government’s focus remains on the captivate expert. But due to continuous election in the country, it gets a little brake.

Finance Minister Nirmala Sitharaman said that about Rs 1 lakh crore of taxpayers will be saved by income taxpayers up to Rs 12 lakh. Which is a large amount and if they spend this money in the system, then growth will also be strengthened. The Finance Minister said that the government’s focus on railway, roadways, highway, home remains.

The government aims to give relief to the middle class
Nirmala Sitharaman said that as long as people want to take exemption from the old tax system, they have no plans to end it. The Finance Minister, while presenting his budget speech in Parliament on February 1, 2025, said that the purpose of my proposals is to pay special attention to the middle class.

Giving relief to the middle class, he said in the budget speech that the government’s goal in personal tax, make TDS/TCS easy to reduce difficulties, also reduce the burden of rules, make business, employment and investment easier Is.

Source link