Here, we take you through the major changes tax slabs have gone through ever since India became an independent nation in 1947. Income tax slab revision by John Mathai in 1949-50 ...

A s a tax-paying citizen in India, you might be already aware of the revision to income tax slabs in India every year. With the new tax regime slabs, certain changes have come about.

Further, the changes in new tax regime slabs announced is expected to result in tax savings of Rs 17,500 for individuals,” says Surabhi Marwah, Tax Partner, EY India. 12:47 (IST) Jul 23 ...

6. Tax slab: 25%. In the upcoming Budget 2025, there is a possibility of incorporating a new tax slab between 20% and 30% to alleviate the tax burden for individuals earning just above Rs 15 lakh.

• No tax liability for taxpayers with income up to Rs 7 lakh under the new tax regime Here are key announcements made in the Budget speech by FM Nirmala Sitharman on infrastructure development.

Change in highest tax rate The wealthy in India — people earning above Rs 5 crore a year — now pay 42.74 percent tax, which is among the highest in the world, according to the FM.

The tax rates in the new regime are the same for all categories of individuals, including individuals, senior citizens, and super senior citizens. Old Regime Tax Slabs: Income up to Rs 2.5 lakh is ...

Income Tax May Change as Govt Panel Proposes 10% Slab For People Earning Between Rs 5 Lakh and Rs 10 Lakh The rationalisation in tax slabs has been proposed to boost consumption and revive the ...

Old vs New Income Tax Slabs: The old regime has the same tax slabs as announced in the 2012–13 budget. Inflation has increased significantly in the last 12 years, but there have been no changes in ...

Budget 2024: No changes in income tax slabs In the new tax regime, no tax is levied on income up to Rs 3 lakh, while under the old one, income up to Rs 2.5 lakh is exempt. Scroll Staff ...

If Sitharaman makes some changes, it will be a link added to the long chain of tax slab changes that have been made over the decades, with the first change coming under finance minister John Mathai in ...

Experts have called for the elimination or modification of the 30% tax slab. While no formal declarations have been issued, various indicators suggest that a change in this regard could be imminent.