Significant Increase in Income Tax Limits: Now minimum tax on income up to 10 lakhs

The government has significantly increased the minimum tax threshold for personal income tax. Finance Minister Dr. With this announcement by Swarnim Wagle, now only 1% income tax will be levied on income up to Rs 10 lakh. Earlier this limit was Rs 5 lakh. The budget statement presented in the joint session of the federal parliament has proposed this important tax reform aimed at the middle class citizens. This change is expected to reduce the financial burden of common citizens and increase disposable income. The new regime will especially provide relief to low and middle income earners.