Tax Saving: At present, those with an income of Rs 5 lakh do not pay any income tax and in the new tax regime, the exemption limit has been increased to Rs 7 lakh.
New Income Tax Slab: Union Finance Minister Nirmala Sitharaman has also announced to increase the income tax exemption limit from Rs 5 lakh to Rs 7 lakh under the new tax slab in the budget. At present, those earning Rs 5 lakh do not pay any income tax and in the new tax regime, the exemption limit has been raised to Rs 7 lakh. Total income from Rs 3 lakh to Rs 6 lakh will be taxed at 5 per cent, Rs 6 lakh to Rs 9 lakh at 10 per cent, Rs 9 lakh to Rs 12 lakh at 20 per cent and Rs 15 lakh and above But 30 percent income tax will be levied. Meanwhile, the government also proposed to reduce the highest surcharge rate in the new tax regime from 37 percent to 25 percent.
This is the new tax slab
- Income of 0-3 lakh rupees is zero.
- Income above Rs 3 lakh and up to Rs 6 lakh will be taxed at 5% under the new regime.
- Under the new regime, income above Rs 6 lakh and up to Rs 9 lakh will be taxed at 10%.
- Under the new regime, income above Rs 12 lakh and up to Rs 15 lakh will be taxed at 20%.
- Income above Rs 15 lakh will be taxed at 30%.
This is old tax slab
Under the old system, those earning up to Rs 2.5 lakh are exempted from personal income tax. Income between Rs 2.5 lakh and Rs 5 lakh is taxed at 5 per cent, while income between Rs 5 lakh and Rs 10 lakh is taxed at 20 per cent. Income above Rs 10 lakh is taxed at 30 per cent.
today’s big news
This is the full income tax story
- Earlier, there was no tax on income up to 3 lakhs and now you will not have to pay any tax on income up to 5 lakhs.
- Earlier you had to pay 32,800 tax on income up to 7 lakhs and now on income up to 7 lakhs you will get 50 thousand as standard and 20800 as rivet of 87A.
- Earlier you had to pay tax of Rs 45,000 on income up to Rs 8 lakh and now you have to pay tax of Rs 35,000 on income up to Rs 8 lakh. In this you will get the benefit of 10000 rupees.
- Earlier you had to pay 60,000 tax on income up to 9 lakhs and now you have to pay tax of Rs 45,000 on income up to 9 lakhs. In this you will get the benefit of Rs.15000.
- Earlier you had to pay 78,000 tax on income up to 10 lakhs and now you have to pay tax of Rs 62400 on income up to 10 lakhs. In this you will get the benefit of Rs.15600.
- Earlier you had to pay 95000 tax on income up to 11 lakhs and now you have to pay 74400 tax on income up to 11 lakhs. In this you will get the benefit of Rs.20,000.
- Earlier you had to pay 115,000 tax on income up to 12 lakhs and now you have to pay 90,000 tax on income up to 12 lakhs. In this you will get the benefit of Rs.25000.
- Earlier you had to pay 137500 tax on income up to 13 lakhs and now you have to pay 110,000 tax on income up to 13 lakhs. In this you will get the benefit of Rs.27500.
- Earlier you had to pay tax of Rs 162500 on income up to Rs 14 lakh and now you have to pay tax of Rs 130,000 on income up to Rs 14 lakh. In this you will get the benefit of Rs.32500.
- Earlier you had to pay tax of Rs 195,000 on income up to Rs 15 lakh and now you have to pay tax of Rs 156,000 on income up to Rs 15 lakh. In this you will get the benefit of Rs.39000.
- Earlier you had to pay tax of Rs 351000 on income up to 20 lakhs and now you have to pay tax of Rs 312000 on income up to 20 lakhs. In this you will get the benefit of Rs.39000.
- Earlier you had to pay tax of Rs 1287000 on income up to 50 lakhs and now you have to pay tax of Rs 1248000 on income up to 50 lakhs. In this you will get the benefit of Rs.39000.
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