Finance Minister Nirmala Seetaraman has announced new slabs for IT bringing cheer to the middle class. She said unnecessary sections will be removed from Income Tax. She also revealed that an Income Tax Bill will be presented in the Parliament next week.
The new slabs announced today:
0% till Rs 4 lakh, 5% for Rs 4 lakh to Rs 8 lakh, 10% for Rs 8 to 12 lakh, 15% for Rs 12 to Rs 16 lakh, 20% for Rs 16 to Rs 20 lakh, 25% for Rs 20 to 24 lakh and 30% for Rs 24 lakh and above.
The following items are to get cheaper:
Mobile phones, EV batteries, marine products, LED, wet blue leather, open cell, 36 life saving drugs and medicines, frozen fish pace, carrier grade ethernet switches, 25 types of critical minerals, zinc, lithium-ion scrap.
Key elements in the budget:
Income Tax limit has been increased to Rs 12 lakh. The yearly TDS on rents limit has been set at Rs 6 lakh.
5 year benefits for start-ups from the day of operation. The FD limit has been set to 100% in insurance sector, construction of 100 local airports in 10 years, 75,000 medical seats in next 5 years, extension of Jal Jeevan Mission till 2028 and limit for Kisan credit card increased to Rs 5 lakh.
Prabhas and Sandeep Reddy Vanga’s Spirit continues to remain one of the most talked-about upcoming…
The commercial strategy surrounding the release of Peddi has exposed a worrying trend in regional…
