Income taxes are significantly reduced in the federal budget. However, a new method of calculating personal income tax has been introduced. Although there is a substantial reduction in income tax, there is no tax deduction with 80C.
Finance Minister Nirmala Sitharaman presented the budget for the coming year. The income tax has been significantly reduced in this budget. In addition, new schemes have been announced with some changes in the current income tax calculation system.
Reduce tax details for new plans:
* Money. There is no income tax till Tk 5 lakh.
* Income tax has been reduced from 10% to Rs.
At present, 25% tax will be levied on the income of Rs.5 lakhs and lakhs and only 1% tax will be levied.
* The tax of 30% of the income of Rs 10 lakh to 12.5 lakh will be charged only 20%.
Currently, 5% tax will be levied on the income from Rs. 3.5 lakh to Rs. 1 lakh and only 20% tax will be levied.
Up to 30% tax will be based on existing income
Although the amount of tax under this scheme has been reduced, there is no tax deduction.