Union Budget: No income tax up to Rs 12 lakh - a simple guide to what it actually means for taxpayers
Finance Minister Nirmala Sitharaman announced zero income tax for up to Rs 12 lakh under the new tax regime. The standard deduction for salaried employees will be Rs 75,000. The rejigged tax slabs introduce a 10% tax rate for income between Rs 8-12 lakh, with varying rates for higher incomes.
Finance Minister Nirmala Sitharaman announced zero income tax for up to Rs 12 lakh under the new tax regime. The standard deduction for salaried employees will be Rs 75,000. The rejigged tax slabs introduce a 10% tax rate for income between Rs 8-12 lakh, with varying rates for higher incomes.
