Producer: Priyanka Das Editor: Sujata Singh
Finance Minister Nirmala Sitharaman announced several revisions to the income tax slabs. Read on to find out more.
It is to be noted that all the changes are only for those who opted for the new tax regime.
Standard deduction for salaried employees has been increased to Rs 75,000 from Rs 50,000.
Salaried employees in the new tax regime stands to save Rs 17,500 in income tax.
The lowest slab in the new tax regime increased to Rs 3 lakh from Rs 2.5 lakh.
Under the new tax regime, 5% tax for slab of Rs 3-7 lakh and 10% tax for slab of Rs 7-10 lakh.
For slab of Rs 10-12 lakh, 15% tax and 20% tax for slab of Rs 12-15 lakh.
And finally, 30% tax for slab above Rs 15 lakh, which remains unchanged.