Explained: What Rs 12 Lakh Exemption Means And How Tax Is Calculated If You Earn More
The government has revised the tax structure under the new regime with Finance Minister Nirmala Sitharaman announcing that those earning up to Rs 12 lakh annually won't have to pay any income tax. The proposed changes are part of the latest Budget, which seeks to reduce taxes and leave taxpayers with money in hand. The Finance Minister said this will boost domestic consumption and savings.
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