December 19, 2024

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Budget 2021 Income Tax Slabs and Rates Live Updates: Will Sitharaman announce tax charges?

Last yr, it was introduced that the brand new charges will apply to solely these people who forgo sure exemptions and deductions.
New earnings tax charges for evaluation yr 2021-22 
#1. New earnings tax price: 5% tax for earnings between Rs 2.5 and Rs 5 lakh
#2. New earnings tax price: 10% tax for earnings between Rs 5 and Rs 7.5 lakh
#3. New earnings tax price: 15% tax for earnings between 7.5 lakh and 10 lakh
#4. New earnings tax price: 20% tax for earnings between 10 lakh and 12.5 lakh
#5. New earnings tax price: 25% tax for earnings between 12.5 lakh and 15 lakh
#6. New earnings tax price: 30% tax for earnings above 15 lakh
#7. No earnings tax for these with taxable earnings under Rs 2.5 lakh