New Income Tax Slab: If you earn Rs 1 lakh per month, you will not have to pay tax, Finance Minister Nirmala Sitharaman made a big announcement

New Income Tax Slab: Even if you earn Rs 1 lakh every month, you do not need to pay a single rupee tax now. This announcement by Finance Minister Nirmala Sitharaman has created a wave of happiness among the people.

New Income Tax Slab: Finance Minister Nirmala Sitharaman has given a big relief to income taxpayers. While presenting the budget, she announced that if a person earns Rs 1 lakh every month, then he does not need to pay a single rupee tax. Actually, in the new tax slab, there will be no tax on income up to Rs 12.75 lakh. Apart from this, big announcements have also been made regarding the elderly and IT returns.

What is the new tax slab?

Up to 4 lakh: 0% tax
4 lakh to 8 lakh: 5% tax
8 lakh to 12 lakh: 10% tax
12 lakh to 16 lakh: 15% tax
16 lakh to 20 lakh: 20% tax
20 lakh to 24 lakh: 25% tax
Above Rs 24 lakh: 30% tax

A new income tax bill will come

The government is going to bring a new income tax bill next week, which will make the tax system more easy and transparent. Apart from this, while presenting the budget, the Finance Minister said that the FDI limit is going to be increased for the insurance sector. The government has decided to remove 7 tariff rates. Only 8 tariff rates will remain. A proposal has been made to remove the social welfare surcharge.

Big announcements related to the health sector

Along with this, a big announcement was also made for cancer patients. Nirmala Sitharaman announced that the duty tax will be completely abolished on 36 life saving medicines. Cancer day care centers will be set up in all government hospitals. Medicines for cancer treatment will be cheaper. Custom duty on 6 life saving medicines will be reduced to 5%.

Relief to the middle class

The main objective of this new structure is to provide relief to the middle class. There was no significant change in the income tax slab in the last few years, which caused disappointment among taxpayers. Now, the government has solved this problem, which will give more financial freedom to the employed and middle income group people.