Government intends to simplify tax regime: Nirmala Sitharaman

"The intent of the government is to have a simplified tax regime," Sitharaman said in a press conference.

Union Finance Minister Nirmala Sitharaman on Saturday presented a budget to boost the sagging economy offering middle-class taxpayers an optional regime that vastly reduces the rates while promising to infuse big money in the farm sector and infrastructure that included the building of 100 new airports in the next few years.

She also spelled out that the government will reduce its stake in the Life Insurance Corporation (LIC) of India by selling a part of its stake through an initial public offering (IPO), as part of its disinvestment programme.

Dubbing the budget as one for Aspirational India, Economic Development For All and A Caring Society, she offered a relief for the tax payers by unveiling an optional tax regime for the middle class though with some catch.