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 Income Tax related announcements this year

New income tax slabs under the new tax regime

Up to 3 lakhs: NIL 

Income in the range of 3 lakh- 6 lakh: 5%

Income in the range of 6 lakh - 9 lakh: 10%


Income in the range of 9 lakh- 12 lakh: 15%


Income in the range of 12 lakh - 15 lakh: 20%

The government has rejigged the limit set under Section 87A of the Income Tax Act, 1961.


The rebate under section 87A of the new income regime has been hiked to 7 lakhs.


The standard deduction under the new tax regime for individuals with income up to 15 lakh has now been pegged at 52,400 rupees. 

Taxpayers with income of 15.5 lakh and above are eligible for a standard deduction of 52,500 in the new tax regime. 

Currently, the standard deduction is 50,000 in the old regime and the max deduction for professional tax is 2,500.

Click here to know more about income tax related announcements this year

Check here for more budget related stories.


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