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Listened to people's voices: FM
The New Indian Express Kalaburagi
|February 02, 2025
FINANCE minister Nirmala Sitharaman on hiking income tax exemption limit on Saturday said, "we've listened to the voice of the people because we are a responsible government".
The government has decided to give the people back their own money by hiking the income tax exemption limit to ₹12 lakh from next fiscal from ₹7 lakh. This decision will cause tax foregone for the government to the tune of ₹1 lakh crore as one crore taxpayers will be out of the tax net, Sitharaman responded when asked about the rationale for the massive hike in the exemption limit.
"We've listened to the voice of the people, including the farmers and small businesses." The exemption is applicable to only those who opt for the new income tax regime wherein one is not eligible for any other deductions. As much as 75% of total taxpayers have moved into the new tax regime and the ministry expects the rest also move into soon.
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