A 5 per cent tax will be levied for income earned between Rs 4-8 lakh, 10 per cent for Rs 8-12 lakh, 15 per cent for Rs 12-16 lakh.A 20 per cent income tax will be levied on income between Rs 16-20 lakh, 25 per cent on Rs 20-24 lakh and 30 per cent above Rs 24 lakh per annum.”We have reduced tax rates to benefit the middle class,” Sitharaman added.Finance Secretary Tuhin Kanta Pandey said tax bouyancy of 1.42 is expected in next fiscal, lower than 2 in current fiscal.”We have assumed a moderate tax revenue bouyancy looking into the sacrifice of revenue (on account of rebate),” Pandey said.He said 75 per cent of the income tax filers have already moved to the new income tax regime.”We expect every taxpayer to shift eventually,” he said.
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