ఇన్కమ్ ట్యాక్స్.. బడ్జెట్ పై అసలు విషయం బయటపెట్టిన CA నాగార్జున రెడ్డి|CA Nagarjuna About Income Tax

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[@bosebotta9216]

What does the Rs 12 lakh rebate mean? What will you pay if you earn above that? The finance minister has raised the limit of income tax rebate from Rs 7 lakh to Rs 12 lakh, which essentially means that if an individual has an income of up to Rs 12 lakh, she will have zero tax liability. Does that mean that those earning Rs 15 lakh will have to pay tax on only Rs 3 lakh? No, the rebate is only applicable for those earning up to Rs 12 lakh. If your taxable income is even a rupee more than Rs 12 lakh, you will have to pay taxes as per the slab rates under the new tax regime.

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