Finance Minister Nirmala Sitharaman acknowledged the challenges faced by the middle class in the Budget 2024, stating, “I want to relieve the middle class, but I have limitations too.” The Budget increases the standard deduction from ₹50,000 to ₹75,000 and adjusts tax slabs under the new regime. Sitharaman noted that while the reforms aim to benefit the middle class, “the new tax regime was implemented with the aim of reducing the tax rate” for all taxpayers.
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