Modi 3.0 has come up with the 1st budget of their third session.
This budget has a lot of changes from the last budget. This budget brought up a mix of feelings for Indian citizens. The budget introduced by Nirmala Shitaraman has a lot for students, farmers, salaried persons, and so on.
The Union budget introduced on 23rd July also brought changes in the tax slab for salaried persons, bringing different reactions.
Let’s see the changed tax slab:
Old Tax Regime
| Below 2.5 Lakh | NIL |
| Rs 2.5- Rs 5 Lakh | 5% |
| Rs 5- Rs 6 Lakh | 20% |
| Rs 9- Rs 10 Lakh | 20% |
| Rs 10- Rs 15 Lakh | 30% |
| Above 15 Lakh | 30% |
New Tax Regime
| Rs 0- Rs 3 Lakh | NIL |
| Rs 3- Rs 7 Lakh | 5% |
| Rs 7- Rs 10 Lakh | 10% |
| Rs 10- Rs 12 Lakh | 15% |
| Rs 12- 15 Lakh | 20% |
| Above 15 Lakh | 30% |
The changes in tax slabs are the major attraction of this budget. In this budget, the salaried person who is earning 3 lakhs or less is exempted from income tax filing which is different from the old tax regime. Also, salaried persons who earned 10 lakhs or below got relief as they had to pay 10% less tax i.e. 10%. Salaried people who are earning 15 lakhs or below also got some relief as now they have to pay 20% tax instead of 30%. The tax rate for salaried people earning more than 15 lakhs remains the same.
Tax exemption for salaried persons:
- Basic Exemption: No tax payment till 3 lakhs.
- Tax Rebate: For income up to 7 Lakhs, no tax is payable because of a rebate of up to 25,000 under section 87A
- Standard Deduction: Salaried persons and pensioners can claim a standard deduction of up to 50,000.
So, the new budget has been introduced and there has been a lot of chaos on this budget and ITR filing date is also near. So, before the ITR last date is over, Pay the ITR on time with the help of Divadhvik.
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