Finance Minister Nirmala Sitharaman announced a tax bonanza for India’s middle class. The FM unveiled what are being termed as “transformative” tax reforms that ranged from a simpler income tax law to higher TCS threshold for remittances and income tax benefits for the middle class. “The new tax structure would substantially reduce tax for the middle class,” announced FM Sitharaman.
Sitharaman announced that there will be no income tax payable for incomes up to Rs 12 lakh, and Rs 12.75 lakh for salaried taxpayers (including standard deduction).In the new tax regime, the revised tax rate structure is Rs 0-4 lakh (zero tax), Rs 4-8 lakh (5 per cent), Rs 8-12 lakh (10 per cent), Rs 12-16 lakh (15 per cent), Rs 16-20 lakh (20 per cent), Rs 20-24 lakh (25 per cent), and above Rs 24 lakh (30 per cent).
As soon as the Finance Minister Nirmala Sitharaman announced the Tax booster for the middle class, social media platforms started getting flooded by memes. Here are some of the viral on income tax rebate announcement: