Long time Taxpayers demanding an economy tax exemption have received a big gift today. Finance Minister Nirmala Sitharaman today announced an annual income of Rs 12 lakh to Rs 12 lakh in her budget speech. However, this change in the tax slab has been done with the new tax regime. No announcement has been made regarding the Ald Tax Regime. In such a situation, if you are engaged in calculations after the income tax of Rs 12 lakh is tax free, then you do not have to worry. We are telling you how much savings will be.
Bumper gift to employee
Income | How much benefit |
1.2 million | 80 thousand |
16 lakhs | 50 thousand |
2 million | 90 thousand |
24 lakhs | 1 lakh 10 thousand |
50 lakhs | 1 lakh 10 thousand |
Know how much saving will be done according to income
- If your income is an annual income of Rs 12 lakh, then you will save Rs 80,000 from the change in the new tax regime. The current tax rate is 100%.
- If your annual income is Rs 18 lakh, then you will save Rs 70,000. The current tax rate is 30%.
- A person with an annual income of Rs 25 lakh will save Rs 1,10,000. The current tax rate is 25%.
Loss of so lakh crores to the government
By giving relief in income tax, the government will lose about ₹ 1 lakh crore in direct taxes and about ₹ 2600 crore in indirect taxes.
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