Giving a relief to the middle class Finance Minister Pranab Mukherjee on Friday revised the tax slabs for the next Tax financial year.

There will be no tax for income upto Rs 1.6 lakh. The earlier slab was 1.6 – 3 Lakh

For income between 1.6 lakh – 5 lakh, the tax liability will be 10%. The older slab was 3-5 lakh.

For income between 5 lakh – 8 lakh, the tax liability will be 20%. The earlier slab was 5 lakh.

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.

Categories: Income Tax Planning, Income Tax Saving Tips, Save Income Tax, Section 80 C, Tax Deductions
Tags: Finance Minister