August 19, 2022
July 16, 2022
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Through the new budget plan announced on Sunday, the government has revised income tax slabs for individuals. The new provision will come into effect from mid-July as the new fiscal year begins then.
The revision will give relief to people with low regular incomes.
See the tables below to know details of the new tax rates.
Annual income | Tax rate | Tax amount | Annual tax amount |
Up to Rs 500,000 | 1% | Rs 5,000 | Rs 5,000 |
Additional Rs 200,000 | 10% | Rs 20,000 | Rs 25,000 |
Additional Rs 300,000 | 20% | Rs 60,000 | Rs 85,000 |
Additional Rs 1 million | 30% | Rs 300,000 | Rs 385,000 |
Any additional amount above Rs 2 million | 36% |
Annual income | Tax rate | Tax amount | Annual tax amount |
Up to Rs 600,000 | 1% | Rs 6,000 | Rs 6,000 |
Additional Rs 200,000 | 10% | Rs 20,000 | Rs 26,000 |
Additional Rs 300,000 | 20% | 60,000 | Rs 86,000 |
Additional Rs 900,000 | 30% | Rs 270,000 | Rs 356,000 |
Any additional amount above Rs 2 million | 36% |
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