No income tax will be levied on income of Rs 7.27 lakh, middle class will get relief - Nirmala Sitharaman

On Friday, on behalf of Finance Minister Nirmala Sitharaman, it was said that many types of benefits have been given to middle-class families in the Narendra Modi government. This also includes exemption given in income tax, under which exemption of income tax on income of Rs 7.27 lakh is also included.
The central government is focusing its attention on the development of all sections. When it was felt by the government that relief should be given to the middle class, then in the financial year 2023-24, the government announced income tax exemption on income up to Rs 7 lakh.
The Finance Minister said that the government has also taken care that if a person's income is a little more than seven lakh rupees, then he should also come under the ambit of tax exemption. This has also been discussed with the team. A person earning income up to Rs 7.27 lakh does not have to pay any tax. Along with this, the benefit of a standard deduction of Rs 50,000 is also available separately.
Let us tell you, the benefit of tax exemption of Rs 7 lakh is given only under the new tax regime. On behalf of the Finance Minister, it was said that through the new tax regime, the government was trying to simplify the system.
He further listed the achievements of the government and said that the budget for MSMEs has been increased by the Modi government to Rs 22,138 crore in the financial year 2023-24, which was Rs 3,195 crore in the financial year 2013-14.