NEW DELHI, July 23: Finance Minister Nirmala Sitharaman announced changes in new tax regime.
FM said “First, the standard deduction for salaried employees is proposed to be increased from Rs. 50,000 to Rs. 75,000.
Similarly, the deduction on family pension for pensioners is proposed to be enhanced from Rs. 15,000 to Rs. 25,000.
This will provide relief to about 4 crore salaried individuals and pensioners.“
In new tax regime, tax rate structure to be revised
0-3L - Zero
3-7L - 5%
7-10L - 10%
10-12L - 15%
12-15L - 20%
15L & above - 30%
Salaried employee in new tax regime will save up to ₹17,500 in income tax, said FM.
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