Coming to non-public earnings tax charges, I’ve two bulletins to make for these choosing the brand new tax regime. First, the usual deduction for salaries workers is proposed to be elevated from Rs 50,000 to Rs 75,000. Equally, deduction on household pension for pensioners is proposed to be enhanced from Rs 15,000 to Rs 25,000. This may present reduction to about 4 crore salaries people and pensioners,” says Finance Minister Nirmala Sitharaman.
“Second, within the new tax regime, the tax charge construction is proposed to be revised as follows: Rs 0-3 lakh – Nil; Rs 3-7 lakh – 5%; Rs 7-10 lakh – 10%; Rs 10-12 lakh – 15%; Rs 12-15 lakh – 20%; and Rs 15 lakh and above – 30%,” she provides.
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