If the annual salary exceeds ₹ 7.75 lakh then…
If a person’s salary or annual income is more than Rs 7.75 lakh and he chooses the new tax regime, then he will have to pay 10% tax as per the revised tax slab.
If a person’s salary or annual income is more than Rs 7.75 lakh and he chooses the new tax regime, then he will have to pay 10% tax as per the revised tax slab.
Giving big relief to taxpayers, Finance Minister Nirmala Sitharaman has increased the limit of standard deduction. It has been increased from Rs 50 thousand to Rs 75000 annually. This change has been made under the new tax regime.