No Tax up to Rs 4 Lakh: I-T Slabs May Be Revised in Next Budget

Under the new income tax slabs, no tax may be levied on income up to Rs 4 lakh. (Photo: iStock)

Following severe cash crunch after Prime Minister Narendra Modi’s announcement of the demonetisation policy on 8 November, there may be some tax relief in the upcoming Union Budget.

The government is likely to revise the income tax slabs, with no tax on income up to Rs 4 lakh. A new income bracket of Rs 10 lakh to Rs 15 lakh may be added, on which a tax of 15 percent will be levied.

Here are the expected income tax slabs after the revision.

(Photo: The Quint)

And here are the existing tax rates for different income brackets:

(Photo: The Quint)

Frank Noronha, a spokesperson for the ruling government, however, rejected the media reports that income tax slabs are likely to be revised. He called them “baseless and unfounded”.

(With inputs from CNN-News18)