Wanted to simplify income tax process, reduce rates: FM Sitharaman on option of lower IT rates

Feb 01, 2020

New Delhi, Feb 01 (ANI): Union Finance Minister Nirmala Sitharaman gave her longest speech on Budget 2020 in the parliament explaining and clarifying every nook and cranny of the Union Budget. After presenting the budget in the Parliament, she held a press conference and addressed the mediapersons. Briefing about the new income tax slab, she amplified that she wanted to bring down the rates and to remove the complications in the taxation. "We wanted to place money in the hands of the people, particularly the middle class and lower middle class. We also wanted to simplify income tax process and increase compliance," said Sitharaman. She also highlighted that people who want to enjoy the old exemptions can continue with the previous tax rules, people who are looking for the simplified, reduced rate and a simple process could adopt the new tax rules.