New tax rate

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Tax slabs and rates in new regime

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Reduction in ITR processing period

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Raising the limit on leave encashment

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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.

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