Indian Government Rules & Updates..: NEW TAX CODE Tax deduction limit on savings to be hiked to Rs 3 lakh

NEW TAX CODE Tax deduction limit on savings to be hiked to Rs 3 lakh

NEW TAX CODE TAX DEDUCTION LIMIT ON SAVINGS TO BE HIKED to Rs 3 lakh (Rs 3,00,000).

Proposed Income Tax Rates for Individuals

Up to Rs.1,60,000	Nil
From Rs.1,61,000 to Rs.10,00,000	10 Per cent (Income exceeds Rs.1,60,000)
From Rs.10,01,000 to 25,00,000	20 Per cent (Rs.84,000 + Income exceeds Rs.10,00,000)
Above Rs.25,00,000	30 Per cent (Rs.3,84,000 + Income exceeds Rs.25,00,000)

Proposed Income Tax Rates for Women-below 65 years

Up to Rs.1,90,000	Nil
From Rs.1,91,000 to Rs.10,00,000	10 Per cent (Income exceeds Rs.1,90,000)
From Rs.10,01,000 to 25,00,000	20 Per cent (Rs.81,000 + Income exceeds Rs.10,00,000)
Above Rs.25,00,000	30 Per cent (Rs.3,81,000 + Income exceeds Rs.25,00,000)

Proposed Income Tax Rates for Senior Citizens

Up to Rs.2,40,000	Nil
From Rs.2,41,000 to Rs.10,00,000	10 Per cent (Income exceeds Rs.2,40,000)
From Rs.10,01,000 to 25,00,000	20 Per cent (Rs.76,000 + Income exceeds Rs.10,00,000)
Above Rs.25,00,000	30 Per cent (Rs.3,76,000 + Income exceeds Rs.25,00,000)

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