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Big Budget bonanza for the Common Man: Personal income tax rate decoded


Big Budget bonanza for the Common Man: Personal income tax rate decoded

Finance Minister Nirmala Sitharaman on Saturday introduced new slabs and reduced the tax rate for different slabs for an individual income of up to Rs 15 lakh per annum, if a taxpayer opts for foregoing exemptions and deductions. The new tax regime will be optional and the taxpayers will be given the choice to either remain in the old regime with exemptions and deductions or opt for the new reduced tax rate without those exemptions.

In this video, Business Standard decodes the new tax regime

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