Union Finance Minister Nirmala Sitharaman presented her 8th consecutive budget on Saturday. The major highlight of the budget is people with incomes of up to Rs 12 lakh will not have to pay income tax, the Finance Minister announced, as she also proposed rejigging the tax slabs under the new income tax regime.
“The new structure will substantially reduce the taxes of the middle class and leave more money in their hands, boosting household consumption, savings and investment,” FM Nirmala Sitharaman said in her Budget address.
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Under the new income tax regime, there will be nil tax for income up to Rs 4 lakh, 5 per cent for income between Rs 4 and 8 lakh, 10 per cent for Rs 8-12 lakh, and 15 per cent for Rs 12-16 lakh.
A 20 per cent income tax will be levied on income between Rs 16 and 20 lakh, 25 per cent on Rs 20-24 lakh and 30 per cent above Rs 24 lakh per annum of income.
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