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Direct Tax benefits to Middle Class: Short Overview
- Rebate limit increased from 5 L to 7 L in new tax regime.
- 5 slabs in new regime: 0-3L – nil. 3-6 – 5% 6-9: 10% 8-12:15%.
- Standard deduction included in new tax regime.
- Surcharge in highest tax bracket reduced from 37% to 25%
- New tax slab under New Slab Rate
Rs 0-3 lakh – nil
Rs 3-6 lakh – 5%
Rs 6-9 lakh – 10%
Rs 9-12 lakhs- 15%
Rs 12-15 lakh- 20%
Above Rs 15 lakh is 30%
