Bhubaneswar, Feb 1: Odisha Chief Minister Mohan Majhi thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for introducing zero income tax for people earning up to ₹12 lakh under the new tax system.
Taking X, Majhi said: "A big thank you to Hon'ble PM Shri @narendramodi Ji and Hon'ble Finance Minister @nsitharaman ji for this important step of no income tax for earnings up to ₹12 lakh under the new tax system. This move will help citizens, boost the economy, and create better financial opportunities for everyone."
The new tax system has these rates:
₹0 to ₹4 lakh: no tax
₹4 to ₹8 lakh: 5%
₹8 to ₹12 lakh: 10%
₹12 to ₹16 lakh: 15%
₹16 to ₹20 lakh: 20%
₹20 to ₹24 lakh: 25%
Above ₹24 lakh: 30%
Tags: prameyanews
