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While the basic no tax norm for 5 lakh remains, the minister for Finance has announced new tax slabs as part of the new simplified tax regime. The slabs are as follows.
1. From Rs 5 to 7. 5 lakh the tax is reduced to 10 percent
2. For 7.5 lakhs to 10 lakhs the tax to to paid 15 percent only
3. For 10 lakhs to 12 .5 lakhs is reduced to 20 percent only
4. For 12.5 to 15 laksh the income tax is rediced to 25 percent only
5. Income Above 15 laksh will beat 30 percent tax.
6. Income up to to 5 lakh no tax.
The tax paer can follow the old regime or the new regime said Nirmala Seetharaman. The tax payment system to be simplified and streamlined.
More than 100 exemptions are provided in the IT act so far.
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