Tax Slab In 1992 Union Budget: Union Finance Minister Nirmala Sitharaman has presented the general budget for 2023-24. This time the Finance Minister presented the budget for the 5th time. In this budget, the common man has been fully taken care of. Big relief has been given to the biggest tax payers by giving a discount in the tax slab. Now no tax will have to be paid on annual income up to 7 lakh rupees. Taxpayers will be given this exemption under the new tax system.
A picture is going viral on social media amidst a big relief to taxpayers. This image is of the tax slabs released during the 1992 budget. This picture shows how much the tax slab has changed between 1992 and today.
Picture of 1992 tax slab
PV Narasimha Rao’s 1992 government is called the father of liberalization in the country. Dr. Rao’s government was the finance minister. Manmohan Singh presented the budget, which paved the way for economic reforms in the country. In this budget, the tax slab was divided into three parts. %5E1620659955593543680%7Ctwgr%5Eb2a70c26924a7a44afd34bc7c296950bec6c9a0e%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fwww.abplive.com%2Fnews%2Findia%2Funion-budget-2023-viral-india-taxlab-new-income-on-taxlabphoto -social-media-know-how-much-difference-2322968(/tw)
In the picture is the tax slab of 1992
Now talking Yes, of the picture which is under discussion. In this picture shared on the Twitter handle @IndiaHistorypic, information is given about the tax slab of 1992. In its title, the new income tax slab is written in the 1992 budget. There is no tax up to Rs 28,000. 20 percent tax from Rs.28001 to Rs.50000. 30% tax from Rs.50001 to Rs.10000. 40 percent income tax on income above Rs 1 lakh. Along with this, a photo of Indian Express has also been shared.
Users are liking this tweet a lot. So far hundreds of users have liked this picture. A user wrote that how much tax will be charged on 10 lakhs. Also users are reporting it much less than today.
What is the tax slab today?
Introduced on 1st February 2023 In the general budget, Finance Minister Nirmala Sitharaman has announced a major relief for taxpayers and exempted income up to 7 lakhs from tax. Under the new income tax slab, taxpayers will not have to pay any tax on income between Rs 0 and Rs 3 lakh. 5% on Rs 3 to 6 lakhs, 10% on Rs 6 to 9 lakhs, 15% on Rs 9 lakhs to 12 lakhs, 20% on Rs 12-15 lakhs and on income above Rs 15 lakhs 30% Obviously, today’s Budget, the tax exemption at that time was very less.
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