Finance Minister Pranab Mukherjee has revised the tax slab for the next financial year. As he presented the federal budget in front of the house, the Finance Minister said that the country had weathered the economic crisis well over the past two years. The new tax slabs will come as a relief to the middle class and will benefit 60 percent of the tax payers. Following are the updates on the tax slabs.
No tax for income up to Rs 1.6 lakh
10% Income Tax Slab: For income between Rs 1.6-5 lakh, the tax liability will be 10 per cent (earlier slab was Rs 1.6-3 lakh).
20% Income tax Slab: For income between 5 lakh - 8 lakh, the tax liability will be 20 per cent (3.0 to 5 lakh)
30% Income tax slab: Individuals with income of above 8 lakh will have tax liability of 30 per cent.(Earlier it was more than 5 lakh)
No tax for income up to Rs 1.6 lakh
10% Income Tax Slab: For income between Rs 1.6-5 lakh, the tax liability will be 10 per cent (earlier slab was Rs 1.6-3 lakh).
20% Income tax Slab: For income between 5 lakh - 8 lakh, the tax liability will be 20 per cent (3.0 to 5 lakh)
30% Income tax slab: Individuals with income of above 8 lakh will have tax liability of 30 per cent.(Earlier it was more than 5 lakh)
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