Budget: Finance Secretary explains why there was no change in income tax slabs

Speaking on the union budget, Finance Secretary Ajay Bhushan Pandey explained why there was no change in income tax slabs. Pandey said that the nation is focused on providing stability and simplifying the tax system. "We want stability in the tax rates and hence there was no change in income tax rates. India at present features in the list of countries with minimum corporate taxes. We did this to attract investments which will eventually create job opportunities. Last year, we had also cut down the rates of personal income tax. If we frequently change tax rates then it is not good for the country's economy," he said. FM Nirmala Sitharaman presented the budget for 2021-22 in Lok Sabha on Monday. She read out her speech from a tablet as it was the first paperless budget. This was also the first budget after Covid-19 pandemic and the ninth one under the Modi government.