Income Tax Slab Change: The Finance Minister can add a new Income Tax Slab in this budget, due to which people with income between 5 to 10 lakhs will have to pay less tax. Finance Minister Nirmala Sitharaman is planning to give a big gift to the middle class this time.
There is little time left for the country’s budget (Budget 2023). The Modi government is making a plan for big changes regarding tax in this budget. The Finance Minister can add a new income tax slab in this budget, due to which people with income between 5 to 10 lakhs will have to pay less tax. Finance Minister Nirmala Sitharaman is planning to give a big gift to the middle class this time.Â
There will be a change in the tax slab
According to the information received from sources, those with an annual income of up to Rs 10 lakh can get a big discount. That is, those earning up to Rs 10 lakh will have to pay less tax than before.Â
Only 10% tax will be applicable on income of 10 lakhs.
It has been learned from the sources of the Ministry of Finance that in this budget, there can be a big change in the budget of the government with an income of 5 to 10 lakh rupees. The government is planning to add a new slab of 10 percent for this income group. At present, a tax of 20 per cent is levied on it. In this year’s budget, a deduction can be announced for this tax slab.Â
There will be changes according to the salary bracket,
along with this, the tax on people with income bracket of Rs 10 to 15 lakh can also be reduced to 25 percent. At the same time, there is no planning of any change in tax on the income bracket above it.Â
What is the system now?
Let us tell you that at present there are 5 tax slabs in the system. In this, income up to Rs 2.5 lakh is tax free. At the same time, 5% tax on income from 2.5 to 5 lakhs, 20% tax on income from 5 to 10 lakhs, 30% tax on income from 10 to 20 lakhs and 30% tax on income above 20 lakhs. . At present, this time the government can add another new slab to these slabs.Â
