No income tax on annual income of up to Rs 12 lakh in new tax regime Zero to Rs 4,00,000- No Tax Rs 4,00,000 to Rs 8,00,000—5% Rs 8,00,0001 to Rs 12,00,000—10% Rs 12,00,001 to 16 lakh rupees—15% Rs 16,00,001 to 20 lakh rupees—20% Rs 20,00,001 to 24 lakh rupees– 25% Above 24 lakh—30%
A tax payer in the new regime with an income of 12 lakh will get a benefit of 80,000 in tax (which is 100% of tax payable as per existing rates).
A person having income of 18 lakh will get a benefit of 70,000 in tax (30% of tax payable as per existing rates).
A person with an income of 25 lakh gets a benefit of 1,10,000 (25% of his tax payable as per existing rates).
TDS limit for senior citizen on interest hiked from present Rs 50,000 to Rs 1,00,000
TDS exemption limit for rent payment hiked – annual limit of Rs 2.40 lakh is increased to Rs 6 lakh
