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. 

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

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

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

3) New Income Tax regime to be default regime

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

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