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Income Tax Slabs as updated by Finance Act, 2079

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.

For Single Taxpayer

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%

For Couple Opted Taxpayer

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%