BUDGET HEADLINES
- Rebate limit of Personal Income Tax to be increased to Rs. 7 lakh from the current Rs. 5 lakh in the new tax regime. Thus, persons in the new tax regime, with income up to Rs. 7 lakh to not pay any tax.
- Tax structure in new personal income tax regime, introduced in 2020 with six income slabs, to change by reducing the number of slabs to five and increasing the tax exemption limit to Rs. 3 lakh. Change to provide major relief to all tax payers in the new regime.
New tax rates
|
Total Income (Rs) |
Rate (per cent) |
|
Up to 3,00,000 |
Nil |
|
From 3,00,001 to 6,00,000 |
5 |
|
From 6,00,001 to 9,00,000 |
10 |
|
From 9,00,001 to 12,00,000 |
15 |
|
From 12,00,001 to 15,00,000 |
20 |
|
Above 15,00,000 |
30 |
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