Income Tax Rates and Benefits

The video discusses the significant role of the middle class in India's growth and the government's efforts to reduce their tax burden. Since 2014, tax slabs have been adjusted to benefit middle-class taxpayers, with the latest announcement eliminating income tax for earnings up to 12 lakh rupees. The new tax regime introduces revised tax rate structures, aiming to reduce taxes and increase disposable income, thereby boosting consumption and investment. Tax rebates are also provided to ensure no tax is payable by certain income groups.

What role does the government believe the middle class plays in India's growth?

• No role at all

• A role only in urban areas

• A minor role

• A significant role in nation-building

What was the nil tax slab raised to in 2019?

• 7 lakh rupees

• 5 lakh rupees

• 10 lakh rupees

• 2.5 lakh rupees

As of 2023, up to what income is no income tax payable?

• 15 lakh rupees

• 10 lakh rupees

• 12 lakh rupees

• 20 lakh rupees

What is the tax rate for income between 8 to 12 lakh rupees under the new regime?

• 20%

• 15%

• 10%

• 5%

What is the tax rate for income above 24 lakh rupees?

• 25%

• 40%

• 30%

• 35%

What is the proposed tax rate for income between 12 to 16 lakh rupees?

• 25%

• 15%

• 10%

• 20%

How does the new tax structure benefit the middle class?

• Increases their investment costs

• Reduces their savings

• Leaves more money in their hands

• Increases their tax burden

What is the tax rate for income between 16 to 20 lakh rupees?

• 25%

• 15%

• 20%

• 10%

What is the tax rate for income between 20 to 24 lakh rupees?

• 15%

• 20%

• 25%

• 30%

What additional benefit is provided to taxpayers with income up to 12 lakh rupees?

• No additional benefit

• Tax rebate

• Higher tax rate

• Reduced deductions