Here are the details of the new income tax regime:
Tax Slabs:
The new income tax regime has the following tax slabs:
- 0% tax for income between Rs 0 and 3 lakh
- 5% for income between Rs 3 and 7 lakh
- 10% for income between Rs 7 and 10 lakh
- 15% for income between Rs 10 and 12 lakh
- 20% for income between Rs 12 and 15 lakh
- 30% for income above Rs 15 lakh
Standard Deduction: The standard deduction for salaried employees has been increased from Rs 50,000 to Rs 75,000.
Angel Tax:
The angel tax has been abolished for all classes of investors.
Long-term Capital Gains: Long-term capital gains tax has been increased from 10% to 12.5%.
Securities Transaction Tax (STT): STT on Futures contracts has been increased to 0.2%, and on Options contracts, it has been increased to 0.1%.
Deduction for Family Pensioners:
The deduction for family pensioners has been enhanced from Rs 15,000 to Rs 25,000.
Corporate Tax Rate:
The corporate tax rate for foreign companies has been reduced to 25%.
