Now five, instead of two tax slabs | Namaste Bharat

As per the new tax regime announced by the Finance Minister Sitharaman, the tax rate on income in the range of Rs 5-7.5 lakh will be halved to 10 per cent. Likewise, income in the range of Rs 7.5-10 lakh will attract 15 per cent tax in the new regime, down from the existing 20 per cent. Speaking at a press conference after the Budget presentation, Sitharaman said the intention was to reduce the rate as much as to simplify the tax structure.