Revised tax slabs under new tax regime
- Under new tax regime, income of Rs 0-3 lakh is nil.
- Income above Rs 3 lakh and up to Rs 5 lakh to be taxed at 5% under new regime.
- Income of above Rs 6 lakh and up to Rs 9 lakh to be taxed at 10% under new regime.
- Income rebate limit increased to Rs 7 lakh from Rs 5 lakh in new tax regime
- Income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20% under new regime.
- Average processing time for income tax returns reduced from 93 days to 16 days
- Income above Rs 15 lakh to be taxed at Rs 30%.
- Maximum Deposit Limit for Senior Citizen saving scheme to be increased from 15 to 30 lakhs
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