Finance Minister Nirmala Sitharaman has given great good news to the general public while presenting the budget in Parliament. Giving great relief to the middle class, Union Finance Minister Nirmala Sitharaman on Saturday announced to increase the income tax exemption for annual income of up to Rs 12 lakh.
This means that people who earn less than 12 lakh rupees per year will not have to pay any tax. Giving a budget speech, Sitharaman said, “The middle class strengthens the economy. We have reduced the tax burden from time to time by recognizing their contribution. I am now happy to announce that 12 lakh rupees There will be no income tax on income till income. ” Nirmala Sitharaman also explained the details of the revised income tax slab.
He said, “I propose to modify the tax rate structures as follows: 0 to ₹ 4 lakh – zero, ₹ 4 lakh to ₹ 8 lakh – 5%, ₹ 8 lakh to ₹ 12 lakh – 10%, ₹ 12 lakhs From ₹ 16 lakh – 15%, ₹ 16 lakh to ₹ 20 lakh – 20%, ₹ 20 lakh to ₹ 24 lakh – 25%and ₹ 24 lakhs – 30%in addition to special rate income. In addition to the benefit due to the reduction in slab rate to the general income taxpayers, a tax exemption is being provided in such a way that there is no tax payable by them. “
