Direct Tax benefits to Middle Class: Short Overview

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Direct Tax benefits to Middle Class: Short Overview

 

  1. Rebate limit increased from 5 L to 7 L in new tax regime.

 

  1. 5 slabs in new regime: 0-3L – nil. 3-6 – 5% 6-9: 10% 8-12:15%.

 

  1. Standard deduction included in new tax regime.

 

  1. Surcharge in highest tax bracket reduced from 37% to 25%

 

  1. 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%

 

 

 

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