New Delhi (The Stellar News) Saksham Kalia: Union Minister of Finance, Nirmala Sitharaman on Wednesday presented last budget of Bhartiya Janta party government term of five years before going to elections next year. Sitharaman announcing the new regime of Income tax, with declaring no tax over the income of Rupees 7 lakh.
The House chants with the slogans of Prime Minister Narendra Modi and the BJP leaders calls on appreciation for Central government’s middle class oriented decision.
The major outcomes of the Annual Budget are:
a) NO tax payment over Rupees 7 lakh income, which was previously for over previously five lakh.
b) While the Minister also announced that the ‘New tax regime to be default, old to continue as well’
c) New Tax slabs announced, 0 to Rs 3 lakh: Nil, Rs 3 lakh to Rs 6 lakh: 5 %, 6 lakhs to 9 lakh: 10 %, 9 lakhs to Rs 12 lakhs: 15%%, Rs 12 lakh to Rs 15 lakh: 20% and above Rs 15 lakh: 30%..
d) Minister also announces Rs 2.3 lakh crore for the Indian Railways, nine times the outlay in 2013-2014.
