No Income Tax Till Rs.4 Lakh?
New Delhi: As a New Year Gift to the Indians, it is heard that Government of India will soon relax the Income Tax slabs. Well placed sources suggest that Modi government is seriously thinking about hiking Income Tax limit from Rs.2.5 lakh to Rs.4 lakh.
The expected slabs may stand like..
- Tax- Income Slab(lakh)
- 0%- Till 4lakh
- 10%- 4 to 10
- 15%- 10 to 15
- 20%- 15 to 20
- 30%- Over 20
The proposed tax revamp is likely to be announced during the upcoming budget session.
If is so, surely a big relief to the citizens who has been facing hardships because of cash crunch coupled with shortage of small denomination notes since November 8.