Amit Shah also reiterated Modi government's goal to make India a USD 5 trillion economy. (Photo Credit: Twitter/@AmitShah)
Union Home Minister Amit Shah on Saturday hailed the Union Budget 2020, saying that the government has taken effective steps which will further the resolve to make India a 5 trillion-dollar economy. "In this budget, the Modi govt has taken effective steps to rationalize the tax system, boost the basic infrastructure, strengthen the banking system, promote investment and ease of doing business, which will further Modi govt’s resolve to make India a 5 trillion-dollar economy," Shah said.
He said that a provision of Rs 85,000 crores for Scheduled Castes And OBCs and Rs 53,700 crores for STs will connect the neglected section of the society to the mainstream
"In this budget, by providing a provision of 85,000 crores for Scheduled Castes and Other Backward Classes and 53,700 crores for Scheduled Tribes, the Modi Government has shown its sensitivity towards the development of the neglected section of the society and connecting them to the mainstream," Shah said.
In her maiden budget, Finance Minister Nirmala Sitharaman introduced new tax slabs with reduced rates for an annual income of up to Rs 15 lakh for those foregoing exemptions and deductions under a simplified tax regime.
The new income tax system is optional and a taxpayer can choose to remain in the existing regime with exemptions and deductions, Finance Minister Nirmala Sitharaman said while presenting her second Budget in the Lok Sabha.
It is to be noted that once the option to opt for new tax regime is exercised, it will remain valid for subsequent years. Sitharaman further said that those earning up to Rs 5 lakh will not pay any tax either in the old regime or in the new regime.