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Finance Minister Nirmala Sitharaman while presenting the Union Budget on Wednesday, 1 February, announced new income tax slabs. The new tax rates are: * 0 to Rs 3 lakh - nil * Rs 3 to 6 lakh
- 5 percent * Rs 6 to 9 lakh - 10 percent * Rs 9 to 12 lakh - 15 percent * Rs 12 to 15 lakh - 20 percent * Above Rs 15 lakh - 30 percent * The finance minister also said that Customs Duty
rates on goods other than textiles and agriculture, will be reduced from 21% to 13%. As a result, there are minor changes in the basic custom duties, cesses & surcharges on some items
including toys, bicycles, and automobiles. * Cigarettes will get costlier after the National Calamity Contingent Duty (NCCD) on specified cigarettes is to be revised upwards by about 16 per
cent.
