Finance Minister Nirmala Sitharaman in her 7th Union Budget in Lok Sabha announced tax sops for over 4 crore salaried individuals.Those under the new tax regime, have been given relaxation in the standard deduction limit from Rs 50,000 to Rs 75,000 while the deduction on family pension for pensioners has been enhanced from Rs Rs 15,000 to Rs 25,000.
This will provide relief to about four crore salaried individuals and pensioners, the Finance Minister said.
Finance Minister Nirmala Sitharaman on Tuesday proposed reduction in basic customs duty on gold and silver to 6 per cent and platinum to 6.4 per cent.In her budget speech in Lok Sabha, she also proposed reduction of basic customs duty on mobile phones, mobile charger to 15 per cent.The reduction in basic customs duty of gold, silver and platinum has been a long pending demand of the gems and jewellery industry.Sitharaman also proposed reduction in basic customs duty on certain brood stocks, shrimps and fish feed to 5 per cent.On the other hand, she said the government will raise customs duty on ammonium nitrate to 10 per cent and 25 per cent on non-biodegradable plastics.She also said e-commerce export hubs will be set up in PPP (public private partnership) mode to enable MSMEs sell their products.Traditional artisans will sell products in international markets, she said.She also proposed expanding the list of exempted capital goods used in manufacturing of solar cells and panels.
New tax regime
The new tax rate revised as follows:
0-3L — 0%
3-7 L — 5%
7-10 L — 10 %
10 – 12 L — 15 %
12 – 15 L — 20%
over 15 L — 30%
