New Delhi: A big relief has been announced for taxpayers. Now there will be no tax on income up to Rs 7 lakh, which was Rs 5 lakh till now. Finance Minister Nirmala Sitharaman has given great relief to taxpayers under the new tax system.

Under the new income tax system, the tax exemption limit has been increased to Rs 7 lakh. There will be no tax on income up to Rs 3 lakh.

Income from Rs 3 to 6 lakh will have to pay 5 percent tax. Income between Rs 6 lakh and Rs 9 lakh will be taxed at 10 per cent, Rs 9-12 lakh at 15 per cent, Rs 12-15 lakh at 20 per cent and above Rs 15 lakh at 30 per cent.

In the new income tax regime, there is no tax on income up to Rs 2.5 lakh. Income from Rs 2.50 lakh to Rs 5 lakh is taxed at 5 per cent, with a provision for rebate under Section 87A.

Income between Rs 5 lakh and Rs 7.50 lakh is taxed at 10 per cent, Rs 7.50-10 lakh at 15 per cent, Rs 10-12.50 lakh at 20 per cent, Rs 12.5 lakh at 25 per cent and above Rs 15 lakh at 30 per cent.

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