Proposed Changes in Direct Tax Rates & Slabs in the Latest Budget

In the latest budget, the proposed changes in direct tax rates and slabs include:

• Introduction of new tax slabs for individual taxpayers
• Reduction in tax rates for certain income brackets
• Increase in the surcharge for high-income individuals
• Changes in the corporate tax rates for different categories of companies

These changes are aimed at simplifying the tax structure and providing relief to taxpayers in various income brackets.

Impact on Taxpayers

The impact of these changes on taxpayers will vary depending on their income level. Lower and middle-income individuals may benefit from the reduced tax rates, while high-income individuals may see an increase in their tax liability due to the surcharge changes.

Overall, the proposed changes are expected to make the tax system more progressive and fair, providing relief to a majority of taxpayers while ensuring that high-income individuals contribute their fair share towards government revenue.