New simplified income tax regime(optional)
New income tax slabs declared by FM are:
Individual: With out deductions
0-2.5 Exempt
5% for income from Rs.2.5 to Rs.5 lac
10% for income from Rs. 5lac to 7.5 lac (currently 20%)
15% for income from Rs. 7.5 lac to 10 lac (currently 20%)
20% for income from Rs. 10 lac to 12.5 lac (Currently 30%)
25% for income from 12.5 lac to Rs. 15 lac (Currently 30%)
income from 15 lac onwards on old rate od 30%