Zero Income Tax till 12 Lakh Income under New Tax Regime
The new Income Tax Slabs are as follows
Income Range | Percentage |
---|---|
0 to 4 Lakhs | 0% |
4 Lakhs to 8 Lakhs | 5% |
8 Lakhs to 12 Lakhs | 10% |
12 Lakhs to 16 Lakhs | 15% |
16 Lakhs to 20 Lakhs | 20% |
20 Lakhs to 24 Lakhs | 25% |
Above 24 Lakhs | 30% |
Examples of calculation of tax benefits are given in the table
Income (lac)* | Tax on Slabs and Rates | Benefit (Rate/Slab) | Rebate Benefit (Full up to Rs 12 lacs) | Total Benefit | Tax after rebate Benefit | |
---|---|---|---|---|---|---|
Present | Proposed | |||||
8 | 30,000 | 20,000 | 10,000 | 20,000 | 30,000 | 0 |
9 | 40,000 | 30,000 | 10,000 | 30,000 | 40,000 | 0 |
10 | 50.000 | 40,000 | 10,000 | 40,000 | 50,000 | 0 |
11 | 65,000 | 50,000 | 15,000 | 50,000 | 65,000 | 0 |
12 | 80,000 | 60,000 | 20,000 | 60,000 | 80,000 | 0 |
16 | 1,70,000 | 1,20,000 | 50,000 | 0 | 50,000 | 1,20,000 |
20 | 2,90,000 | 2,00,000 | 90,000 | 0 | 90,000 | 2,00,000 |
24 | 4,10,000 | 3,00,000 | 1,10,000 | 0 | 1,10,000 | 3,00,000 |
50 | 11,90,000 | 10,80,000 | 1,10,000 | 0 | 1,10,000 | 10,80,000 |
*Income after deducting standard deduction of ৳ 75,000 for salaried taxpayers
🕑 14 Feb, 2025 03:35 PM
8th Pay Commission terms of reference likely by April
🕑 13 Feb, 2025 09:36 AM
6 banks reduced loan interest after RBI's repo rate cut
🕑 12 Feb, 2025 09:35 AM
8th CPC: With uncertain Timeline, Implementation unlikey from January 2026.
🕑 10 Feb, 2025 09:55 AM
8th CPC DoPT - Staff Side, JCM meeting today.
🕑 04 Feb, 2025 12:15 PM
8th CPC: Terms of Reference suggestions submitted by NC-JCM staff side
🕑 03 Feb, 2025 04:27 PM
8th CPC: Staff Side JCM invited for Suggestion on Terms of Reference
🕑 03 Feb, 2025 04:20 PM
8th CPC: Suggestions for TOR sought from central forces
🕑 13 Feb, 2025 09:43 AM
Frequently Asked Questions (FAQs) on the Unified Pension Scheme (UPS)
🕑 12 Feb, 2025 05:24 PM
10 takeaways in new Income Tax Bill for taxpayers
🕑 07 Feb, 2025 10:08 AM
After Income Tax cut, 8th CPC approval, Loans becoming cheaper
🕑 06 Feb, 2025 11:02 AM
8th CPC: A look at the HRA recommendations of the 7th Pay Commission
🕑 04 Feb, 2025 01:19 PM
After Tax Cuts, RBI's Interest Rate Relief for Middle Class Likely
🕑 03 Feb, 2025 07:49 PM
8th CPC: A review of the Terms of Reference of the 7th CPC
🕑 01 Feb, 2025 11:00 PM
Rs 334 crore allocated for training and development of government employees
🕑 31 Jan, 2025 02:39 PM
PM Modi’s Lakshmi Blessings: A Hint at Middle-Class Income Tax Relief?
🕑 31 Jan, 2025 02:30 PM
8th CPC Pay hike - A need of the hour for the economy
🕑 29 Jan, 2025 09:14 PM
8th CPC: Experts suggest 10-30% actual total salary hike