In the new system of income tax, the rates are lower. But, for this, you have to leave the deduction and the exemption.
In a while, Finance Minister Nirmala Sitharaman is going to present the budget of 2021-22. People expect tax slabs to be cut. In the budget of last year, the Finance Minister introduced a new system of income tax. Tax rates are lower in this. But, for this, you have to leave the deduction and the exemption. Taxpayers who want the benefit of deduction and tax exemption can remain in the old tax system. Let’s know how the tax slab is now.
Income tax slab in old and new system now
| Income | Tax rate in new system | Tax rate in the old system |
| Up to Rs 2.5 lakh | Zero | Zero |
| Rs 2.5 lakh to Rs 5 lakh | 5 percent | 5 percent |
| Rs 5 lakh to Rs 7.5 lakh | 10 percent | 20 percent |
| 7.5 Lakhs to Rs 10 Lakhs | 15 percent | 20 percent |
| 10 Lakhs to 12.5 Lakhs | 20 percent | 30 percent |
| 12.5 lakhs 15 lakhs | 25 percent | 30 percent |
| More than 15 lakh rupees | 30 percent | 30 percent |
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