5 Big Changes Announced On Income Tax For Salaried Class

On Wednesday, Nirmala Sitharaman, finance minister of the Union, announced significant alterations to the new personal income tax regime.

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Finance Minister Sitharaman made a major announcement when she proposed raising the income tax rebate limit from Rs 5 lakh to Rs 7 Lakh

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1) Income Tax rebate limit raised to Rs 7 lakh from Rs 5 lakh

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2) Changes in Income Tax slabs 0-3 lakh - nil, 3-6 lakh - 5%, 6-9 lakh - 10%, 9-12 lakh - 15%

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3) New Income Tax regime to be default regime

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4) An Individual with an annual income of 9 lakhs will be required to pay only 45,000.

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5) Maximum tax, along with surcharge, will be 39%.

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