New Delhi: Finance Minister Nirmala Sitharaman on Saturday announced reduction in personal income tax slabs. The new rates are as follows:
Income Tax
Up to 5 lakh – no tax
5-7.5 lakh – 10 per cent
7.5-10 lakh – 15 per cent against 20 per cent currently
10-12.5 lakh – 20 per cent against 30 per cent currently
12.5-15 lakh – 25 per cent against 30 currently
Above 15 lakh – 30 per cent
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