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