Union Budget: Finance Minister Reduces Income Tax Slabs

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