Speaking on corporate taxation rates in the Union Budget, Chocko Valliappa, Founder and CEO  of Technology and IT services provider Vee Technologies said: "While the reduction of personal taxation is welcome, corporate sector companies engaging fresh talent deserve to be taxed at a preferential rate as an incentive to invest in people-intensive sectors."

Union Finance Minister Nirmala Sitharaman presented the Union Budget for the eighth straight time since she was appointed to the post following Narendra Modi's victory in 2019.

This was her first full Budget presented during the third term of PM Narendra Modi and her government.

Giving relief to Indian taxpayers and giving a boost to consumption, Union Finance Minister Nirmala Sitharaman on Saturday announced in her budget speech that people with salaries up to 12 lakhs will not be required to pay tax in the new tax regime.

Changes in the tax slabs were also announced.

"New structure to substantially reduce taxes of middle class and leave more money in their hands, boosting household consumption, savings and investment," Nirmala Sitharaman announced in her budget speech.

As per the official announcement, people, under the new tax regime, will not need to pay tax up to Rs. 12 lakh (Rs.12.75 lakh for salaried taxpayers with standard deduction of Rs. 75,000).