It’s time for the tax payers to enjoy relaxed the chargeable rates in the lower brackets of income tax.
Altered Income Tax slabs is here :
1.) Persons with an income range between Rs 2.5 lakh and Rs 5 lakh now have to pay 5 % tax, which was earlier 10 %.
2.) Persons with an annual income up to Rs 3 lakh will be exempt from income tax.
3.) Earlier, persons with an income of Rs 2.5 lakh had to pay tax of 10%, Rs 5 lakh- 20 per cent, Rs 10 lakh- 30%.
4.) 10% surcharge will be levied for those with an annual income between Rs 50 lakh to Rs 1 crore.
5.) On incomes above Rs 1 crore, 15% surcharge will be levied.