Finance Minister Pranab Mukherjee revised the tax slabs for the current Tax financial year. It would be as below:
There will be no tax for income upto Rs 1.6 lakh.
For income between 1.6 lakh – 5 lakh, the tax liability will be 10%.
For income between 5 lakh – 8 lakh, the tax liability will be 20%.
Individuals with income of above 8 lakh will have tax liability of 30%.
Additional investment of 20K in infra bonds over and above Rs 1 lakh in 80C. Yes, read bold character again. Govt has become aggressive for development in infra space and want to do lot of work over the next decade in this space. so to encourage people to invest in this space it did this special modification in tax law. take advantage of this thing for this year.
Let's hope Govt continue this slabs for years come, it will keep more money in the pocket of middle class and middle class is backbone for Indian economy.
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