1 April
Sandeep Dhand Ludhiana
In a significant move impacting taxpayers nationwide, the government has announced a revised income tax structure effective April 1. Under the new regime, individuals’ total income will be categorized into different brackets, each with its corresponding tax rate.
The revised tax structure is as follows:
Up to ₹3,00,000: 0%
₹3,00,001 to ₹6,00,000: 5%
₹6,00,001 to ₹9,00,000: 10%
₹9,00,001 to ₹12,00,000: 15%
₹12,00,001 to ₹15,00,000: 20%
Above ₹15,00,000: 30%
This revamped system aims to make the taxation process more equitable, ensuring that individuals contribute to the nation’s development based on their income levels. The changes seek to provide relief to low and middle-income earners while ensuring higher earners contribute proportionally more to public funds.
Taxpayers are advised to familiarize themselves with the updated tax structure to ensure compliance with the new regulations. The government’s initiative aims to streamline the tax system, fostering economic growth and financial stability for all citizens.