Revision of Income Tax Slabs Can Boost Government Revenue by Rs. 55000 Cr

The government is reviewing the Income Tax task force report on direct taxes and is likely to implement some of the recommendations in the next budget. If implemented these rejigs in income tax slabs can boost overall capital gains tax and  government's revenues to more than Rs. 55,000 crore.

Read more
kapil-sharma
  • 4.8++ Rated
  • 12.02 Crore Registered Consumer
  • 51 Partners Insurance Partners
  • 5.9 Crore Policies Sold

Tax Saving Plans

  • Get Returns That Beat Inflation
  • Zero Capital Gains tax
  • Save upto Rs 46,800In Tax under section 80C^
We are rated++
rating
12.02 Crore
Registered Consumer
51
Insurance Partners
5.9 Crore
Policies Sold
Get Instant Tax Receipts
Save Upto ₹46,800 in Taxes Under Section 80C^
+91
Secure
We don’t spam
View Plans
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on ''View Plans'' you, agreed to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company
Get Updates on WhatsApp
We are rated++
rating
12.02 Crore
Registered Consumer
51
Insurance Partners
5.9 Crore
Policies Sold
  • Home
  • Income Tax
  • Revision of Income Tax Slabs Can Boost Government Revenue by Rs. 55000 Cr

The New Income-Tax Slabs that are Proposed are

  • 10% tax for annual income up to Rs. 10 lakhs
  • 20% tax for annual income b/w Rs. 10 lakhs and Rs. 20 lakh
  • 30% tax for annual income between Rs. 20 lakhs and Rs. 2 crore
  • And 35% tax for annual income of more than Rs 2. crore

Whereas the existing Income tax rates are 5% plus 4 % cess for individuals earning between Rs 2.5 lakh and Rs. 5 lakh, 20% + 4 % Cess for individuals earning between Rs. 5 lakhs and Rs 10 lakhs, and 30 % + 4 % Cess for individuals earning more than Rs. 10 lakhs.

The task force report further suggests removing re-assessment for those who pay/declare higher income tax for a span of up to six years with a 50 percent penalty along with interest. It has also recommended to wave off surcharge that presently ranges between 15 & 37 percent.  The report also mentions limiting the deductions available to individuals for medical and education expenses, provident funds, housing loans, etc. At present, tax-payers can avail a number of deductions in lieu of interest on equity-linked savings schemes, savings in FDs, and insurance. It also recommends the removal of deduction available in lieu of rentals and interests.

The report, however, proposes to keep the Securities Transaction Tax (STT) on equities and also to continue with the existing LTCG tax of 10% on equities worth Rs. 1 lakh held for more than a year. The report also suggests maintaining 15% short term capital gains (STCG) tax on equity assets.

Save Tax Invest Today Save Tax Invest Today

˜The insurers/plans mentioned are arranged in order of highest to lowest first year premium (sum of individual single premium and individual non-single premium) offered by Policybazaar’s insurer partners offering life insurance investment plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in
Disclaimer: ^Section 80C allows annual deductions of up to ₹1.5 lacs from the taxable income. Section 10(10D) provides tax-free maturity benefits for investments of up to ₹2.5 Lacs/ year, on policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.
*All savings are provided by the insurer as per the IRDAI approved insurance plan.
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
++Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Maximise your
Tax Savings!
  • Tax savings under Sec 80c
  • Get Instant Tax receipt
  • Tax free returns upto 18%
View plans
Standard T & C Apply*
Double tax benefit
Income Tax Returns & eFiling
Income Tax Calculator - Old vs New Regime
Income Tax Return Filing
Income Tax Refund Status: Check ITR Refund
Income Tax Return Form: How to download ITR Forms
How to Check ITR-V Receipt Status?
Income Tax Filing For the Freelancers
Income Tax Form 16
Income Tax for NRI in India
Save Tax Under Section 80C
Tax Saving via NPS, ELSS, PPF, MFs
Tax Saving Investments
NPS Calculator
How to Open NPS Account Online
Equity Linked Savings Scheme Funds 2026
Steps to Invest in ELSS Funds
PPF Calculator
PPF Interest Rate 2026 - All You Need to Know
PPF or Public Provident Fund Account: A Complete Guide
Income Tax Section 80 & HRA
Section 80C
Income Tax Deductions
Section 80D
Section 80U
Income Tax Rebate in India
Income Tax Exemptions
HRA Calculator
House Rent Allowance
Tax Slab Rates & Saving Tips
Tax Saving - How to Save Income Tax For FY 2025-2026
How to Pay Income Tax Online in India 2026
Income Tax Slab Rates for FY 2025-2026 (AY 2026-2027)
Advance Tax Payment
How to Save Tax on Salary?
Calculators

Income Tax articles

Recent Articles
Popular Articles
Suryoday Small Finance Bank Loan Against FD
Suryoday Small Finance Bank Loan Against FD

21 Jan 2026

Suryoday Small Finance Bank provides an overdraft facility
Read more
Tamil Nadu Grama Bank Loan Against FD
Tamil Nadu Grama Bank Loan Against FD

21 Jan 2026

Tamil Nadu Grama Bank loan against FD allows you to borrow up to
Read more
Tamilnad Mercantile Bank FD Premature Withdrawal
Tamilnad Mercantile Bank FD Premature Withdrawal

20 Jan 2026

Tamilnad Mercantile Bank FD premature withdrawal attracts a 1%
Read more
Tamil Nadu Grama Bank FD Premature Withdrawal
Tamil Nadu Grama Bank FD Premature Withdrawal

20 Jan 2026

Tamil Nadu Grama Bank FD premature withdrawal typically incurs
Read more
Uttarakhand Gramin Bank Short Term FD
Uttarakhand Gramin Bank Short Term FD

20 Jan 2026

Uttarakhand Gramin Bank Short Term FD is a secure savings option
Read more
Post Office FD Interest Rates
Post Office FD Interest Rates
  • 02 Jul 2020
  • 300497
The latest interest rates of Post Office FD schemes range from 6.90% to 7.50% for tenures ranging from 1 year to 5
Read more
SBI FD Interest Rates
SBI FD Interest Rates
  • 26 Apr 2017
  • 2786895
The revised SBI FD interest rates range between {{lowestGeneralRate}} to {{highestGeneralRate}} p.a.for the
Read more
Post Office FD Rates for Senior Citizens
Post Office FD Rates for Senior Citizens
  • 14 Mar 2022
  • 44001
The post office fixed deposit rates for senior citizens are the same as those for general citizens, which start
Read more
SBI Amrit Vrishti Scheme
SBI Amrit Vrishti Scheme
  • 11 Sep 2025
  • 73861
The SBI Amrit Vrishti Scheme 444 Days, which has been introduced by SBI for a fixed tenure of 444 days. It offers
Read more
SBI Fixed Deposit Monthly Income Scheme
SBI Fixed Deposit Monthly Income Scheme
  • 04 Apr 2022
  • 88165
The SBI Fixed Deposit Monthly Income Scheme, commonly called the SBI Annuity Deposit Scheme. It is a specialised
Read more

Explore the popular searches and stay informed

Claude
top

  • Save up to ₹46,800 in Section 80C*

  • Mobile +91
  • Mobile +91

*T&C Applied.

Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL