National Desk: VOC

The Union Finance Ministry has announced that no major changes have been made to the income tax structure for the upcoming financial year. Under the new tax regime, the number of income tax slabs has been retained at seven.

According to the official statement, annual income up to ₹4 lakh will remain completely tax-free.

Income between ₹4,00,001 and ₹8,00,000 will be taxed at 5 percent.

For income ranging from ₹8,00,001 to ₹12,00,000, the tax rate has been fixed at 10 percent.

Individuals earning between ₹12,00,001 and ₹16,00,000 will have to pay 15 percent tax.

Income between ₹16,00,001 and ₹20,00,000 will be taxed at 20 percent.

For those earning between ₹20,00,001 and ₹24,00,000, the tax rate will be 25 percent.

Any income above ₹24 lakh will attract a tax rate of 30 percent.

The Finance Ministry stated that this structure aims to make the tax system simpler and more transparent for middle-class taxpayers.

The government further claimed that retaining the existing slab structure will help taxpayers plan their finances in advance and reduce complications in tax compliance.

Economic experts believe that although no major revisions were introduced, the decision ensures stability in the tax framework and avoids placing additional financial pressure on salaried individuals and the middle-income group.

National Desk: Voice of Calcutta