Budget 2020 Income Tax Slabs and Rates LIVE Updates: Big relief for middle class tax payers, but if they forgo exemptions.
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As per Budget 2020 Income Tax Slabs and Rates for financial year 2020-21.
1) No tax upto Rs 5 lakh,
2) 10% tax for income between Rs 5 lakh to Rs 7.5 lakh,
3) 15% tax for income between 7.5 lakh to 10 lakh,
4) 20% tax for income between 10 lakh to 12.5 lakh,
5) 25% tax for income between 12.5 lakh to 15 lakh and
6) 30% tax for income above 15 lakhs Income.
Budget 2020 has offered tax payers the option to choose between the existing income tax regime and a new regime with slashed income tax rates and new income tax slabs but no tax exemptions. The new tax regime offers lower tax rates and new tax slabs and simultaneously removes tax exemptions and will result in lower tax outgo for the tax payer, according to the finance minister Nirmala Sitharaman.
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