Budget Breaking: No Tax For Under Rs 12 Lakh Slab

The keenly anticipated budget sessions kickstarted in the Parliament today with the finance Minister Nirmala Sita Raman debriefing on this matter, amidst growing media speculations about new taxation slabs.

Confirming several speculations that were in effect before the budget sessions, the finance minister confirmed that there will be no more taxation on under Rs 12 lakh income slab.

The finance minister stated that this new taxation policy that exempts people with under Rs 12,00,000 income will come as a huge relief to the middle class who form the main social fabric of the country.

“To taxpayers up to ₹12 Lakhs of normal income other than special rate income such as capital gains, a tax rebate is being provided in addition to the benefit due to slab rate reduction in such a manner that there is no tax payable by them,” the statement from Sitharaman read.

The new income tax slabs are as below:

₹0-₹4L: 0%
₹4L-₹8L: 5%
₹8L-₹12L: 10%
₹12L-₹16L: 15%
₹16L-₹20L: 20%
₹20L-₹24L: 25%
₹24L+: 30%

There is no need to get confused about the mentioned taxation slab here as the 10% that has been marked here, can be claimed as a rebate during the filing.

This new taxation policy announced by the finance minister comes as a significant relief to the middle class community in the country and it has opened to unanimous positivity on social media as well.