FM Sitharaman: ‘1 crore taxpayers to get relief with no income tax on income of Rs 12 lakh’

1 Crore Taxpayers will no longer have income tax to pay the union in 2025-26.

Tuhi Pandey, Tuhi Parkey, expressed hope that the money that benefits these individuals benefits from the tax discount will return to the form of consumption, savings or investment.

A step taken to promote the demand for medium-class taxpayers, 2025-26 offered a significant review of income tax and new income tax regimes, 24% of the tax slab. The Foreign Minister also stated that there will be no annual income tax for annual income to 12 lakhs, compared to the previous 7 lachers.

All centers show that Forego Rs 1 Lake’s revenues are directly due to different taxes on different taxes, including them. However, in FY26, income tax recruits are 14.4% to 14.38 Rs Rs RS Rs Rs Rs 12.57 Lakh Crore in FY25.

However, Pandey emphasized that the growth is much more modest than the previous floors. In the FY25 Income Tax collections are viewed by 20%, while in FY24 they have grown 24%. Buoyancy is also estimated at 1.42 in FY26, compared to FY25, FY24 with 2 and 2.65. “There is a moderate Boungia, which is predicted, taking into account the victimization of income,” he said.

About 75% of taxpayers had already moved to a new tax regime, and almost everyone is expected to move to it. The government, however, ruled out the old tax regime.

On Saturday, the Minister of Finance also expired on Saturday, the Minister of Finance also emphasized that the new income tax bill will be submitted to the Standing Committee, which will most likely hold discussions on stakeholders. “I hope it will pass without many difficulties,” he said without a schedule when it was accepted.

He also explained that the new act checks the current income tax law, 1961 in language complications, to explain and add too much privileges. However, any change in income tax assistance will still be approved by the parliament.

The Minister of Finance also stressed that there was no reduction of state spending or capital expenditures by the center.

Capital expenditures in FY25 are estimated at lower, 10.18 RS RS, with revised budget score of 11.1 Lakh Kronor. Capital expenditures in FY26 are valued at a modest 10.1% to 11.21 Rs Rs ROR.

“Elections were held. Both the center and the states were grabbed the expenses in the third and fourth quarter. occurred to the ground.

Secretary of Economic Affairs Ajai Seth also stressed that effective Capex remains 4.3% of GDP, he stressed that there may be no power problem. New areas of urban development are also offered. He also mentioned that Capex is located at 15 Lakh Kirtsi, along with grants for the established capital of FY26.

Pandey stressed that the central public sector’s enterprises will also hold the Capex RS 4 RS Crore from their pockets.