No income tax for people earning up to ₹7.27 lakh per annum, given standard deductions now: Nirmala Sitharaman

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₹7.27 lakh per annum under the new tax regime. Nirmala Sitharaman also addressed skepticism raised in several quarters when the government decided to provide income tax exemption for those earning up to ₹7 lakh in the Union Budget for 2023-24. “So, we sat as a team and went into the details (to find out) at what stage you pay tax for every additional Re 1 you earn...

(for instance) for ₹7.27 lakh, you don't pay any tax now. It is only at ₹27,000 that the break-even comes. After that you start paying tax," the Finance minister said.

"You have a standard deduction of ₹50,000 also. Under the new scheme, the grievance was that there was no standard deduction. It is given now.

We have brought in the simplicity in the paying rate and the compliance side," Nirmala Sitharaman added. While delving into the achievements of the Union Government, Nirmala Sitharaman mentioned the increased budget of the Micro Small and Medium Enterprises (MSME) sector which jumped to ₹22,138 crore for 2023-24 compared to ₹3,185 crore in 2013-14. Nirmala Sitharaman said that the 'Public Procurement Policy for Micro and Small Enterprises' initiative has resulted in 33 percent of the overall procurement made by 158 Central Public Sector Enterprises coming from MSMEs.

This achievement represents the highest proportion to date. "We launched the TReDS platform (Trade Receivables Discounting System) so that the MSMEs and other corporations do not have to face any liquidity crunch due to non-payment by their buyer," she said. ONDC (Open Network for Digital Commerce) has allowed the MSME sector to reap the benefits of a large consumer base and the world celebrates India's public platforms which are comparable to the 'Amazons of the world,' the Finance