Income Tax Slab Changes: Finance Minister Nirmala Sitharaman has announced major changes in the income tax budget in the third term of the Modi government. Standard deduction has been increased from Rs 50,000 to Rs 75,000.
Apart from this, changes have also been made in the income tax slab. There will be no tax on income up to Rs 3 lakh. 5% tax will be levied on income from Rs 3 lakh to Rs 7 lakh, 10% on income from Rs 7-10 lakh, 15% on income from Rs 10-12 lakh.
However, the Finance Minister did not increase the basic exemption limit in the old tax, did not make any change in the tax rate. They will also not get the benefit of increased standard deduction.
