Tally erp9
Rajeev Tiwari New income tax slabs and rates In a bid to simplify the income tax compliance and provide relief to salaried taxpayers, the finance minister proposed new income tax slabs and lower rates. According to new income tax rates, a person earning 15 lakhs in a year and not claiming any deduction, will lead a tax liability of 1.95 lakh which is 78,000 lesser compared to the current rates. But here’s a catch! To avail this, you have to forego various deductions and exemptions claimed so far. Let’s take a look at new tax slabs and rates. Taxable Income Slab (In Rupees) Existing Tax Rates New Tax Rates 0-2.5 lakh Exempt Exempt 2.5-5 lakh 5% 5% 5-7.5 lakh 20% 10% 7.5-10 lakh 20% 15% 10-12.5 lakh 30% 20% 12.5-15 lakh 30% 25% Above 15 lakh 30% 30% The new tax regime is optional and is available to those who are willing to fore...