Utility News: Now there will be no tax on income of seven lakhs, know the new tax slab

Finance Minister Nirmala Sitharaman has given a big gift to the middle class in the general budget today. He has now made a big announcement regarding income tax. He announced during the budget that now people earning up to seven lakhs annually will not have to pay any kind of tax. Along with this, he has now announced a change in the tax slab.

According to the new tax slab announced by Finance Minister Nirmala Sitharaman, now the annual income of up to three lakhs will not be taxed. 

While you will have to pay 5% income tax on annual income of 3-6 lakhs, 10% on annual income of 6-9 lakhs, 15% on annual income of Rs 9-12 lakhs.

At the same time, 20 percent tax will have to be paid on annual income of 12-15 lakhs and 30 percent tax on annual income of more than 15 lakhs.