In her Budget speech, FM Nirmala Sitharaman announces major tax rebates. We propose to bring a personal income tax regime, where income tax rates will be reduced, so now, a person earning between Rs 5-7.5 lakhs will be required to pay tax at 10% against the current 20%.
Here are the new tax slabs announced by the Finance Minister:
For income up to Rs 5 lakh: No tax
Rs 5-7.5 lakh: 10% (reduced from previous 20%)
Rs 7.5-10 lakh: 15% (reduced from previous 20%)
Rs 12-15 lakh: 25%
Rs 15 lakh: 30%
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