New Delhi, Feb 1 (UNI) In a big relief to taxpayers and keeping in mind upcoming elections in Delhi, the Union Government on Saturday said no tax will be payable for income up to Rs 12 lakh, under the new tax regime.
The budget presented by Union Finance Minister Nirmala Sitharaman in the Lok Sabha also revised the tax slabs, providing for nil tax for income up to Rs 4 lakh. For income from Rs 4 lakh to Rs 8 lakh only 5 percent tax will be payable.
From Rs 8 lakh to Rs 12 Lakh, the income tax rate will be 10 percent and from Rs 12 lakh to Rs 16 lakh it will be 15 percent, Sitharaman said, adding income tax rate will be 20 percent for the income slab of Rs 16-20 lakh and 25 percent for the slab of Rs 20-24 lakh.
Above Rs 24 lakh there will be a 30 per cent tax. UNI SKB SSP