Bhubaneswar: Odisha Chief Minister Mohan Charan Majhi thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for introducing zero income tax for individuals earning up to ₹12 lakh under the new tax regime.
Taking to his X handle, Majhi wrote: “ A heartfelt thank you to Hon’ble PM Shri @narendramodi Ji and Hon’ble Finance Minister @nsitharaman ji for this transformative initiative of Zero Income Tax till ₹12 Lakh under the New Tax Regime. This visionary step empowers citizens, strengthens the economy, and paves the way for brighter financial opportunities for all.”
CM’s tweet came after Finance Minister Nirmala Sitharaman on Saturday announced that there will be no income tax payable for incomes up to Rs 12 lakh, and Rs 12.75 lakh for salaried taxpayers (including standard deduction).
In the new tax regime, the revised tax rate structure is Rs 0-4 lakh (zero tax), Rs 4-8 lakh (5 per cent), Rs 8-12 lakh (10 per cent), Rs 12-16 lakh (15 per cent), Rs 16-20 lakh (20 per cent), Rs 20-24 lakh (25 per cent), and above Rs 24 lakh (30 per cent).
