Budget 2021 Income Tax Slabs and Rates for FY 2021-22, AY 2021-22 Live Updates: The Finance Minister announced a new tax option in the budget last year. The new tax option is for those who do not want to live in the old tax structure.
Income Tax Slabs and Rates for FY 2021-22 Live Updates: From now onwards Finance Minister Nirmala Sitharaman will present the country’s general budget. The middle class has high expectations from this budget being introduced in the Corona era. Relief is expected, especially on the tax front. Let us tell you that the Finance Minister had announced a new tax option in the budget of last year. The new tax option is for those who do not want to live in the old tax structure. However, the new tax option does not include more than 70 rebates on investment. At the same time, the new tax system is divided into seven slabs. Despite this, people are not interested in the new tax system. In such a situation, it is expected that the government can make many major changes to make it attractive.
What’s in the old tax slab: According to the old tax slab, there is no income tax up to Rs 2.5 lakh. Income tax up to Rs 2.5-5 lakh has been kept in the 5% slab while income tax of up to Rs 5-10 lakh is levied 20%.
At the same time, 30 percent income tax has to be paid on income above Rs 10 lakh. Let me tell you here that rebate is available on the income of 5 lakhs.
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