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Finance Minister Nirmala Sitharaman on Wednesday announced major changes to the personal income tax structure in the country.
The major announcements are as follows:
1. Tax rebate limit increased to Rs 7 lakh from Rs 5 lakh in new tax regime.
2. Tax slabs have been reduced to five. Revised Tax slabs: Rs 0-3 lakh: 0 per cent; Rs 3-6 lakh: 5 per cent; Rs 6-9 lakh: 10 per cent; Rs 9-12 lakh: 15 per cent; Rs 12-15 lakh: 20 per cent; Rs 15+ lakh: 30 per cent.
3. Salaried people with Rs 15L+ income to benefit by Rs 52,500 under the new tax regime.
4. Surcharge rate reduced from 37 per cent to 25 per cent in new tax regime.
5. Sitharaman further announced that the new Income Tax regime would become the default tax regime in India.
