New Delhi: Bringing the much needed cheer to the salaried and individual tax payer, Finance Minister Nirmala Sitharaman on Saturday announced that there will be no tax for income upto Rs 12 Lakh under New Tax Regime.
Slabs and rates being changed across the board to benefit all tax-payers. New structure to substantially reduce taxes of middle class and leave more money in their hands, boosting household consumption, savings and investment
"‘Nil tax’ slab up to ₹12 lakh (₹12.75 lakh for salaried tax payers with standard deduction of ₹75,000)," said the FM.
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