Furthermore, income tax rates have witnessed a substantial surge, hitting those already struggling to make ends meet. Individuals earning up to 24 lakh rupees annually will now face a 2.5% increase, making the income tax rate 22.5%. Additionally, an income tax of 1 lakh 65 thousand rupees will be levied. Similarly, individuals earning up to 36 lakh rupees will face a 25% income tax rate, with an additional 4 lakh 35 thousand rupees tax. For those earning over 60 lakh rupees, the income tax rate has surged to 35%, accompanied by an additional 10 lakh 95 thousand rupees.

Source: The Nation July 02, 2023 12:27 UTC