Finance Bill 2024 Discussion in Lok Sabha LIVE Updates: Finance Minister Nirmala Sitharaman on Wednesday said that the middle class has benefitted from various tax proposals in budgets under the Narendra Modi government. She also said that without drastically increasing taxes, we have brought in a simplified taxation regime and eased compliance.

FM Sitharaman is speaking in the Lok Sabha to reply on the discussion on the Finance Bill, 2024, on Wednesday.

She said the government has also increased the exemption limit on long-term capital gains to Rs 1.25 lakh from Rs 1 lakh to benefit the middle class.

“Effective tax on annual income of Rs 15 lakh was reduced to 10 per cent in 2023 and further reduced this year as well under new income tax regime,” the finance minister said in the Lok Sabha.

There will be a comprehensive review of the rate structure over the next six months and at the end of this exercise, we will have a greater simplified tax structure for our country as a whole, she said.

She also said pending litigation and demands are sorted under Vivad se Vishwas scheme, helped the middle class and small businesses.

In the income tax refund, the finance minister said, “Refunds are issued within days, as opposed to months earlier.”

Sitharaman said that the average ITR processing time has now been reduced to just 10 days in 2023-24, compared with 93 days during 2013-14.