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  • Finance Secretary Surreal Ajay Kumar sector D a.

  • City attorney Robert E.

  • Seriously be someone Atom said The expenditure Syria attribution Pandey Sector Avenue Mr Twin can ponder is deeper And Mr K.

  • Subrahmanyam, chief economic Advisor Friends this wraps up Kamala my hair.

  • Okay, Budget man mantra Compassion Capital in about a bank or whiskey, Bob's would be homophobia patina.

  • But you cannot for the Rio.

  • How's Callie here?

  • They're like and whisky Bob.

  • Good.

  • But it seems you have well placed on my head.

  • I was home documents up que pasa p i p capacities after pasado see Radiohead rethink about Deena Question answers to Jakarta.

  • So number 11 Mike, this with the baby you Thank you.

  • You income tax cuts that you have given what all exemptions will remain in the new tax regime.

  • Secondly, given that ₹40,000 crore is the revenue out go that you said on behalf off this new possible income tax regime, our savings Take a back seat with exemptions going, how would you encourage savings in the new personal income tax regime?

  • Um, I will certainly ask the Revenue Secretary to come up with the list off exemptions which are part of this new skin.

  • But first, let's understand as toe waters being in our minds when we came up with a new scheme, the intention is to reduce the rates as much as to simplify the structure.

  • We wanted to be sure that money is in the hands of the people by not paying it packs, which they don't need to pay in the sense the rate can be brought down where we can bring it down, particularly for the middle class and the lower middle class.

  • We have brought the income tax down.

  • So if you go by the way in which we organized the corporate tax cut in September when the corporate tax was reduced, even they the pattern was similarly adopted.

  • Those who want those exemptions and other things can continue with the old and those who are looking for a simplified rate.

  • A reduced rate and a simple process could adopt the new the same principles in our minds when we designed this.

  • Eventually we want to bring the rates down and remove the complications that are there in the complaints, too many exemptions.

  • It's very difficult for the administrators to administer it as much as too many exemptions.

  • You need an expert to keep advising you as to how you plan your taxation.

  • So we wanted to achieve two goals.

  • Make my intentions clear that we want to simplify the income tax process.

  • We want to reduce the ribs.

  • Soto achieve both.

  • We have come up this year with a new scheme with very limited exemptions to it.

  • Ideally, a new skin without any exemptions would have been the best, but still, because there are some exemptions which are absolutely indispensable, like on Day four, we have brought in those exemptions to it and kept it at the minimum.

  • Those who still want to have the benefit of those exemptions, which they have been using for some years, can remain in the old system.

  • So we provided both with an intention that in the long run we will be gradually ableto remove all exemptions on in India, your personal income tax.

  • The entire framework should be simple and a very low rate without difficulties and complaints.

  • With that said, I have also read out the examples off people who don't want any exemption.

  • The old don't want any exemption in the new what will be the benefit I've also given you, in my speech example off all right, some benefits and old and some benefits and knew what you tend to benefit.

  • The new scheme has been designed in such a way that you definitely benefit in terms of the money, which is going to be remaining in your hand, having not to pay a higher income tax.

  • But that said, I lost that every new secretary to tell you which are those exemptions which are part of the new scheme?

  • No, with the reduced rate and with those few exemptions, what will be the benefit that anyone can get will be obvious from Miss Johnson.

  • Wait Recovery, comprehensive review off all exemptions and what we found that they're close toe 120 exemptions, uh, all different kinds of exemptions.

  • For example, the amount received by a member off a Hindu united family from the income of families state set off a Hindu undivided family from income off family state.

  • Sear off property issued by your partner.

  • Interest on certain notified securities interest on masala, Barnes, income off foreign diplomats, income of employees, consultant and family members under Technical Assistance Assistance Program come retirement.

  • Graduating.

  • So this way there was a huge list on Dhe, so we took a review off each item.

  • And then we found that in this new regime had been explained by the finance Minister that the whole idea was to offer a simply fight disease and also lower the tax rate.

  • Because there were a large number of people who, because of caste constraints, you know, the amount of the income that they were having, they were not able to take all benefits, and some people were able to take a larger number of exemptions and deductions.

  • So in order to offer a simplified system and also to help, though, you know you are not taking an exemption or for a lower tax rate, this system has been introduced that now the total number of exam since which have been removed from the new system is about 70.

  • So, in fact, I will give you some example that which one have been removed and which would have been retained.

  • So particularly the important ones which have been retained in the new system, uh would be like a the retirement benefit for death come retirement gratuity for for common deployed no limit for others up to 20 like it was already there.

  • Developed detain commuters and pencils will be retained.

  • Then they live in custom it on retirement that will be retained.

  • The treatment compensation will be retained.

  • Amount received on various after five like that will be retained.

  • Similarly, the e p a four.

  • The employer contribution after a certain limit.

  • You know whatever limit that is there now that will be retained.

  • Payment received on from NPS national pension scheme on closer partial withdrawal from MPs, they all will be retained a scholarship granted to meet the cost of education that will be detained.

  • Then a payment of awards instituted in public interest that will be retained.

  • So similarly be so the other things which will be retained then the ants on.

  • Then there 70.

  • Simpson's as I mentioned that hole in the net.

  • Yes, I wouldn't want to go.

  • That will be clear.

  • Yes.

  • Okay.

  • We take next Western 13.

  • Man, I just You will get the dick in personal Dempsey when there's more money in your hand and you, the person who has it will be better in a position to decide where you want to save installed me directing it.

  • So I'm a loving you to have more money new hand on depend on your judgment where you want to place the savings.

  • Um, ma'am, this is Monica from ze business, ma'am.

  • Mirrors of all Hecky Up.

  • Nick AKI Partial Credito Guarantee Scheme A division car Nikki's Aurora Happily Holly Mikhalych Relaxations Announced charity though album gas specific.

  • Majesties may expect cars up there.

  • Or do stray Iggy Reality Estate Sector Jovan off the top Employment generators.

  • Head or skill?

  • Yup.

  • Nickel to be an own sneaker.

  • Rubble una bata That expectation t he at least one time loan strings came to a ski goes now Maggie Tokyo got in the housekeeping.

  • They, um actually, for the real estate.

  • We had announced some things even earlier.

  • We had announced that stalled projects which need to be completed will be given the last mile, um, funding so that that project can be completed.

  • Home buyers will be getting the product that is already ongoing.

  • Now in this also, we have extended the date by one year.

  • So that difference affordable hosting the exemption which the home buyer has he's available for them and the tax holiday for the real estate.

  • People promote us.

  • It's also extended by one more year.

  • So actually they can now seek the buyer.

  • I under benefit from it once the transaction gets over.

  • So we've actually given something much more than what was announced even before the budget for the real estate sector 29.

  • Next question.

  • Printing under the ongoing thanks.

  • Good.

  • Often, ma'am, Something with us here from seeing the TGV 18.

  • You've also created a lot of buzz with your new Davis main target of 212110 lakh crore estimated for effort to anyone.

  • Mommy have clearly mentioned that, you know, out of this amount, around 94,000 crores is what you're looking at.

  • Why a sailor off steak and public sector banks and financial institutions.

  • Could you please explain that to us and also I d B I So?

  • So the good, which is being the specified a famous already wench, ended in the during the budget dispute.

  • It is essentially to come from the listing of the L A C and also from the idea at this instant.

  • Yes.

  • Yeah, so that listing will decide evolutions.

  • We will work on this next question comes essentially these 2 53 Yes, 53.

  • This is Mukesh carsick from getting Bhaskar Memo.

  • I want to have clarity or defense.

  • Billiard, How much this time has been allocated.

  • And what is the percentage is Please, What is what is the capital budget for this on what is the amount of liquid to Indian Air Force Army and and maybe specifically, I think all these details were provided the documents.

  • So there is any clarification on that You can otherwise be Ivory.

  • Presley's is providing all the details and doctors about the different heads we can take next question.

  • But Roommate Man, this is Richie.

  • Party from 18 are congratulations on the budget.

  • I want to ask you about the massive 2.1 lakh crore target that has been set out in the budget for disinvestment proceeds.

  • Many say this is a very stiff target.

  • How the department a look toe achieve this Stargate Because we've seen a massive shortfall in this year s o E on the target.

  • And you've also spoken about attacks Charter that the tax department will bring in What will the tax charter really until just to understand that I'm glad you asked the question.

  • I was a bit worried that on a measure like a tax charter and in spite of me, is mentioning it in two different places.

  • In my speech, mortal person was asked me any questions?

  • I'm so glad you asked.

  • That's a very major step other than us going around the country to tell tax administrators toe and sure that face to face engagement with the taxpayers need not necessarily be there to ensure that they are dealing with them more like wealth creators and to make sure that they would approach them only to gather information.

  • In spite of all this, you would still hear some comments occasionally about know there is a level of harassment and so and our commitment to make sure that taxpayers are respected, and we quite honor them for the commitment in nation building that they're showing by being honest.

  • Taxpayers had to be given an expression off source and therefore we came up and I must think, um, he's not the other principal adviser.

  • Sanjeev Sanyal did a lot of work for me on this.

  • He researched and gave me a lot of inputs.

  • If I'm right.

  • They're only three countries in this world which have in strained the rates over taxpayer in their loss.

  • Canada USA in Australia, if I remember correct.

  • So when he, after quite a lot of inputs, came up with the taxpayer rights and the Charter of Jerusalem, we, as usual in the ministry, disgusted in my morning meeting with the secretaries.

  • And then we worked on on it.

  • That is to prove very clearly that the government's intent is not to harass anybody.

  • If there are one or two black sheep here and there, they are they everywhere, not just among tax administrators.

  • But the intent of the government had to be cleared, and therefore we thought, well and shine it in the statute itself because we believe in it.

  • It's an article of faith for us to respect wealth creators.

  • It's an article of faith for us to make sure that the honest taxpayers not suspect and therefore we have made it a point to bring it it in tow.

  • The act itself as a charter, the details of which will come off.

  • So that was one of your question.

  • What was the other?

  • Huh?

  • Two in Monday's Yeah, only to have one word in his favor before he speaks.

  • Yes, I said the target in July, and I also will have to tell you, Didn't you know about it will be a question next.

  • But I'll also have to tell you between July and now January the immense effort that afternoon before to him as descendants, this investment secretary and now a wrong under ticket.

  • You will see successful display enlistment happening within the next few months.

  • But your accounts for this year and 31st much can I keep speculating.

  • So obviously I agree.

  • Between July and now a lot of legwork has been completed and the benefits are going to go into the next financial year.

  • So you may hold me for having said to target, which I didn't fulfill.

  • But within six months, I can stand up and tell you we have done enough groundwork took in public and speak now buttressed.

  • So I think 20th of November government took decisions off some big to get these investments.

  • One is the PEA PCL, not is gone.

  • God, another is Shipping Corporation of India and th d C and Nip go.

  • Some of them were going to conclude this year.

  • But some of the large ones are going to spill over to the next year and the revenues receipts are going to come in the next year.

  • So the transactions are lined up.

  • As you know, the Air India expression of interest is already out and very soon be PCL expression off interests.