New tax regime has reater incentives, says SItharaman

Union Finance Minister Nirmala Sitharaman on Wednesday said the new taxation regime has now got greater incentives and attraction so that people can unhesitatingly move to it from the old regime. "We are not compelling anyone. But the new one is now attractive as it gives greater rebates," Nirmala Sitharaman said at the post-budget press conference. "The country has been waiting for direct taxation to be simplified. Therefore, the new taxation regime that we brought in for direct taxation two, three years ago has now got greater incentives and greater attraction so that people can unhesitatingly move from the old to the new."

“The personal income tax has had substantial changes (in the Budget) which will benefit the middle class. The new taxation regime has now got greater traction and incentive so that people can now unhesitatingly move to the new regime from old,” Sitharaman said. . But the new one is attractive because it gives a greater rebate. It also provides for simplified and smaller slabs, smaller lower rates of taxation and also slabs which are nicely broken down,” she added.