New tax rate

The government has increased the income tax exemption limit up to Rs 7 lakh under the new tax regime.

Tax slabs and rates  in new regime

Rs 0-3 lakh: NIL  Rs 3-6 lakh: 9%  Rs 6-9 lakh: 10%  Rs 9-12 lakh: 15%  Rs 12-15 lakh: 20% Above Rs 15 lakh: 30%

Reduction in ITR  processing period

The income tax returns processing period has been reduced by 16 days.

Raising the limit on  leave encashment

The existing limit of Rs 3 lakh for tax exemption on leave encashment has been raised to Rs 25 lakh.