Bharat Rashtra Samithi MLC Kavitha Kalvakuntla on Wednesday termed the Union Budget presented by Union Finance Minister Nirmala Sitharaman as a "failure" of the Central government.
Union Finance Minister Nirmala Sitharaman on Wednesday announced an increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh stating that the new tax regime will now be the default tax regime.
Sitharaman noted that the world has recognised the Indian economy as a 'bright star' which is expected to grow in the current year at seven per cent - the highest among all the major economies.
In her budget speech, the minister made five major announcements in regard to personal income tax, saying these primarily benefit hard-working middle class
Finance Minister Nirmala Sitharaman declared five major announcements in the new tax regime including an increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh stating that the new tax regime will now be the default tax regime.
Bihar Industries Association president Arun Agarwal on Wednesday said that the income tax rebate announced by Finance Minister Nirmala Sitharaman is according to the expectations, however, there was no major announcement for Bihar which came as a disappointment.
Speaking on the Personal Income Tax rebate in the new tax regime, Sinha said, "Middle class will benefit most from this year's budget. Consumption will increase due to this move and the economy will further boost."
Union Finance Minister Nirmala Sitharaman, during the Budget session today, announced an increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh stating that the new tax regime will now be the default tax regime.
In her Budget speech, finance minister Nirmala Sitharaman announced an agriculture accelerator fund, which will be set up to encourage agri startups by young entrepreneurs in rural areas.
In her Budget speech finance minister Nirmala Sitharaman also proposed to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 lakh.
According to sources, the searches were being carried out at Rajpushpa, Vertex and Muppa real estate companies. Officials also conducted searches at BRS MLC Venkat Ram Reddy's residence.