Addressing a press conference in New Delhi after presenting the Union Budget 2020-21, Ms Sitharaman said, Government also wanted to simplify income tax process and increase compliance. The new regime, however, comes with certain terms and conditions.
Finance Minister Nirmala Sitharaman has said that the Government wanted to place money in the hands of the people, particularly the middle and lower-middle classes.
White House on "DEFCON 2" after McConnell fails to block witness testimony
In a statement on Monday, Murkowski said: "I stated before that I was curious as to what John Bolton might have to say". The House of Representatives impeached Trump in December on two articles - abuse of power and obstruction of Congress.
"We propose to bring a personal income tax regime, where income tax rates will be reduced, so now, a person earning between Rs 5-7.5 lakhs will be required to pay tax at 10% against current 20%", she said. Individuals earning between Rs 7.5 lakh and Rs 10 lakh per year will be taxed at 15%, against the existing 20%.
Citing an example, she said, a person earning Rs 15 lakh per annum would be able to save Rs 78,000 in taxes by opting for the new tax regime.
Wuhan Virus Will Have No Impact On India's Economy? Think Again
Chinese health authorities said the new coronavirus had infected 2,744 people and killed 80 as of midnight Sunday. Much of the province, home to almost 60 million people, is under some kind of travel restriction.
Here's a look at how much taxpayers at different income levels can save under the new tax regime if they forego exemption under Section 80C, which amounts to Rs 1.5 lakh. Rs 12.5 lakh - Rs 15 lakh - tax will be 25%. The Press Trust of India news agency said the minister cut short her speech in Parliament because she felt unwell after speaking for more than two hours, the longest budget speech by an Indian finance minister.
The government on February 01, 2020 offered relief to taxpayers and vowed to spend billions to double farmers' incomes and upgrade infrastructure, health care and industry to boost the country's lowest economic growth in a decade.
Tiger Woods 'unbelievably sad' after learning of friend Kobe Bryant's death
Bryant meant so much to Tony Finau that the golfer's manager drove from Los Angeles to San Diego to tell him after the round. Starting today's round, Jon Rahm was at the top of the leaderboard , at 12-under par, with Ryan Palmer one back at 11-under.
The Ministry Of Home Affairs has been allocated Rs 1.05 lakh crore for the next fiscal in the budget, with special emphasis on the police force and work related to the 2021 Census.