The Government introduced a lower personal direct tax in today's budget speech. To accommodate significant relief to individual taxpayers and to clarify the income tax law, intend to introduce a new personal income tax regime where rates will be significantly decreased for the individuals who forego certain exemptions. The tax regime intended to introduce a new simplified personal tax regime and no income tax for income up to Rs 5 lakh, 10% income tax for those whose income is between Rs 5 lakh to Rs 7.5 lakh versus 20% earlier. But as of now,
1. 10 percent for Rs 5 – 7.5 lakh
2. 15 percent for Rs 7.5 – 10 lakh
3. 20 percent for Rs 10 – 12.5 lakh
4. 25 percent for Rs 12.5 – 15 lakh
5. 30 percent for Above Rs 15 lakh
Start watching this video to get detailed information with this regard.
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