Revised Income Tax Provisions

The new income tax provisions allow individuals earning up to 12 lakhs to pay no income tax, significantly benefiting taxpayers. For those earning between 12 lakhs and 24 lakhs, the tax savings can amount to approximately 10,000 rupees per month, translating to an annual saving of 1.2 lakhs. While the old tax regime remains unchanged for those wishing to claim benefits, the new regime features wider tax slabs and lower rates. This change could lead to an increased disposable income for many and potentially influence spending behaviors.