As inflation is spiralling out of control IT Rate optimisation to counter was on demand for Salaried Middle class for a long time. Finally Govt has come up with much soughted relief to the taxpayers.
0% Tax Upto 3 Lakhs
5% Tax 3-6 Lakhs
10% Tax 6-9 Lakhs
20% Tax 9-12 Lakhs
30% >15 Lakhs
Income Tax Rebate has been raised from 5Lakhs to 7 Lakhs in the union budget.
All this changes is for minimal exemption regime(Without claiming any deduction like LIC/PF/Housing loan contribution) except for standard deduction.
Standard deduction has been tweaked from Rs.50,000 to 52,500. Thus those with 7.5 Lakh annually will not have to pay Tax.
Tax for conventional regime still remains same which is sad.
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