'India is now effectively tax-free': Shaadi.com's founder and Shark Tank judge Anupam Mittal explains why
India is effectively tax-free now following the revision in tax slabs, according to enterpreneur Anupam Mittal.
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Mittal, the founder of Shaadi.com and a judge in reality show Shark Tank, said, «Turns out that almost 90% tax-filers in India have an income below 13 lacs p.a. meaning out of 140 cr people only 1 cr will pay income tax this year effectively making India income-tax free.»
His statement came a day after Finance Minister Nirmala Sitharaman announced significant income tax cuts in her budget on Saturday.
As per the new slabs, individuals earning up to Rs 12 lakh in a year will not have to pay any taxes after she raised the exemption threshold from Rs 7 lakh. An additional Rs 75,000 standard deduction is available for the salaried class.
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