Income tax slab is likely to be kept same in the upcoming Finance Budget
- In the upcoming Union Finance Budget to be presented by Finance Minister on 01.02.2021 the Income Tax slab is likely to remain same for FY 2021-22.
- However, the finance ministry may think of giving tax exemption to encourage savings to the taxpayers.
- Currently, the tax slab is – up to 2.5 lacs, no tax on income; above 2.5 lacs and up to 5 lacs, 5%; above 5 lacs and up to 10 lacs, 20%; above 10 lacs, 30%.
- Experts demand that the tax slab be increased to 5 lacs. Read more.
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