FY24 tax proposals to benefit hard working middle class: FM
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In order to make the exemption less personal income tax regime, Finance Minister Nirmala Sitharaman on Wednesday enhanced the rebate limit to ₹7 lakh in the new tax regime.
“I have five major announcements to make in this regard. These primarily benefit our hard-working middle class,” she said.
“Currently, those with income up to ₹5 lakh do not pay any income tax in both old and new tax regimes. I propose to increase the rebate limit to ₹7 lakh in the new tax regime,” she added.
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2025 is shaping up to be the year of electric car sales. In a first, India’s electric vehicles (EV) industry crossed the sales milestone of 100,000 units in FY25, fuelled by a slew of launches by major players, including Tata Motors, M&M, Ashok Leyland, JSW MG Motor, Hyundai, BMW, and Mercedes-Benz. The issue also looks at the challenges ahead for Tata Sons chairman N. Chandrasekaran in his third term, and India’s possible responses to U.S. president Donald Trump’s 50% tariff on Indian goods. Read these compelling stories in the latest issue of Fortune India.
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