[Watch] Why Is Middle Class Trending On Twitter?

New Delhi: There were mixed reactions after the announcement of the revised tax regime after Finance Minister Nirmala Sitharaman presented the Union Budget for the financial year 2023-24.

Middle-class taxpayers who were waiting with bated breath rejoiced at the new and revised tax regime.

Sitharaman proposed a new tax regime, under which the income tax rebate limit has been increased from Rs 5 lakh to Rs 7 lakh. “I introduced, in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 lakh. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 lakh,” she said.

While the hashtag #middleclass trended on Twitter, many were confused about what the slab structure actually meant. From being happy about the new model, to being suspicious about the announcement, the reactions were mixed, just like the emotions.