FM Sitharaman Unveils New Simplified Income Tax Rates
New Delhi: Finance Minister Nirmala Sitharaman has announced new personal income tax rates under the revised tax regime. The changes aim to simplify the tax structure and reduce the burden on taxpayers.
The new tax rates are as follows:
Income up to Rs 3 lakh: No tax ,
Income between Rs 3 lakh and Rs 7 lakh: 5%,
Income between Rs 7 lakh and Rs 10 lakh: 10%,
Income between Rs 10 lakh and Rs 12 lakh: 15%,
Income between Rs 12 lakh and Rs 15 lakh: 20%,
Income above Rs 15 lakh: 30%
These new rates will be effective from the next financial year. The government hopes this will make it easier for people to pay taxes and encourage more people to file their returns honestly.
