Finance Minister Niramala Sitharaman introduced a new optional personal income tax system and announced multi-billion dollar farm, infra and healthcare package to revive growth in the country. Emphasising on capacity building and empowerment of marginalised sections of the society while protecting the wealth creators, Sitharaman said this Budget will boost income and purchasing power of the people. Finance minister also raised the bank depositors insurance coverage to Rs 5 lakh from Rs 1 1 lakh.
Here are all the key highlights from Nirmala Sitharaman's Budget speech:
Taxation:
New optional tax slabs: New income tax slabs will be available for those who forgo exemptions.
Taxable income slabs
|
Tax rates
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Up to Rs 5 lakh
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Nil
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Rs 5 Lakh to Rs 7.5 Lakh
|
10%
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Rs 7.5 lakh to Rs 10 lakh
|
15%
|
Rs 10 lakh to Rs 12.5 lakh
|
20%
|
Rs 12.5 lakh to Rs 15 lakh
|
25%
|
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