Budget Update – Personal Income – 5 Major Announcement

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Written By Sujit Guha

I am a IT professional managing corporate financial governance with keen intrest in market

So we have the budget release today. This budget has been the peoples budget. Below is the personal tax update.

*Personal Income Tax – 5 Major Announcement*

@ *New Tax Regime* to be set as Default with an option of continuing adoption of *Old Tax Regime*
@ *Income for No Tax* limit up from 5 lakhs to 7 lakhs in *New Tax Regime* but not *Old Tax Regime*
@ *Reducing Tax Slabs to 5 from 6* and reducing tax rates with *Marginal Expansion of Tax Slab under New Tax Regime*
@ *Std Deduction* increased for salaried class
@ Reducing in Maximum Surcharge Rate in *New Tax Regime*
@ *Leave Encashment* Perk limit increased to 25 lakhs for Non Government Retiring Employees

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