In a move that is bound to bring cheer to the common man, the Govt has announced substantial cuts in the personal income tax rates. Finance Minister Nirmala Sitharaman in her budget speech said that under the new tax regime those earning between Rs 5 lakh to 7.5 lakh per year will have to pay 10% tax compared to 20% earlier. Those earning between Rs 7.5 lakh and 10 lakh will be taxed at 15%. For earnings between Rs 10 lakh to 12.5 lakh, the tax rates have been slashed to 20% tax from existing 30% and for earnings between Rs 12.5 lakh to 15 lakhs the tax rate will be 25%. Those earning Rs 15 lakhs will continue to pay 30% income tax. For more videos, subscribe to our channel:
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