Income tax slabs revised

No tax for income upto 1.6 lakh.

For income between 1.6 lakh - 5 lakh tax liability 10%. (old slab was Rs 1.6 to 3 lakh)

For income between 5 lakh - 8 lakh 20%. old slab was Rs 3-5 lakh)

For income above 8 lakh 30% (old slab was Rs 5 lakh +)

Additional investment of 20K in infra bonds over and above Rs 1 lakh in 80C.

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