Nirmala Sitharaman announces big relief for middle class, check old and new income tax slabs – India TV

Finance Minister Nirmala Sitharaman on Saturday delivered a significant relief to middle-class taxpayers by making annual income of up to Rs 12 lakh in the new tax regime tax-free.

Key Points

– Slabs and rates being changed across the board to benefit all tax-payers

– New structure to substantially reduce taxes of middle class and leave more money in their hands, boosting household consumption, savings and investment

– ‘Nil tax’ slab up to ₹12.00 lakh (₹12.75 lakh for salaried tax payers with standard deduction of ₹75,000)

The new tax regime will be:

Zero to Rs 4,00,000— No Tax

Rs 4,00,000 to Rs 8,00,000 – 5 per cent

Rs 8,00,0001 to Rs 12,00,000 – 10 per cent

Rs 12,00,001 to 16 lakh rupees – 15 per cent

Rs 16,00,001 to 20 lakh rupees – 20 per cent

Rs 20,00,001 to 24 lakh rupees – 25 per cent

Above 24 lakh – 30 per cent