Central Government Employment News, 7th Pay Commission, MACP, LTC, CGHS, Railways, Bank News, CPSE, NPS, Pension, DOPT and More

New Income tax rates announced in the budget

FM prunes tax rates:

Income up to Rs 1.6 lakh – nil

Income above Rs 1.6 lakh and up to Rs 5 lakh – 10 per cent

Income above Rs 5 lakh and up to Rs 8 lakh – 20 per cent

Income above Rs 8 lakh – 30 per cent.

New tax rates would offer relief to 60 per cent of taxpayers, the finance minister said.

Additional deduction of Rs 20,000 allowed on long-term infrastructure bonds for income tax payers; this is above Rs one lakh on saving instruments allowed already.
Investment linked tax deductions to be allowed to two-star hotels anywhere in the country.

Source : NDTV

Comments
Loading...
;