In the second budget of his second term, the Modi government has given a huge relief to the general public from the tax, according to Nirmala Sitharaman, the finance minister of the Modi government.
No tax on income up to 5 lakhs
Tax rate reduced from 5 to 7.5 lakhs by 10 percent
Now 10% tax on 5 to 7.5 lakhs
7.5 to 10 lakh, 20 to 15 percent tax
10 to 12.5 lakhs, tax reduced by 30 percent to 20 percent
12.50 to 15 lakhs tax rate reduced from 30 to 25 percent
Those above 15 lakh will have to pay 30 percent tax
The construction of the new company will have to pay a corporate tax of 15 percent.
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