IT SOFTWARE-20-21
As per the new tax rates, income under Rs 2.5 per annum will remain untaxable as it was earlier. A tax of 5% will now be charged on income between Rs 2.5 to Rs 5 lakh. Those earning between Rs 5 - Rs 7.5 lakh per annum will now pay 10 per cent tax on their incomes which were earlier 20 per cent. The Finance Minister proposed a cut of 5 per cent from the existing 20 % for those earning between Rs 7.5 lakh to Rs 10 lakh per annum. They will now have to pay 15 per cent tax. Sitharaman announced that those earning between Rs 10 lakh to Rs 12.5 lakh per annum will now have to pay 20 per cent tax. Earlier it was 30 per cent.
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The new tax rate applicable to those earning in the range of Rs 12.5 lakh per annum to Rs 15 lakh per annum will be liable to pay tax at the rate of 25 per cent. As per the new tax regime, 30 per cent tax will be charged on salaries above Rs 15 lakh per annum
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