Finance Minister Nirmala Sithraman while presenting the Union Budget 2020 has introduced the revised income tax slabs and cut income tax rates for earnings up to Rs 15 lakh per year, making it optional for taxpayers who will then have to let go of 70 exemptions. As per the new income tax structure, those earning up to Rs 5 lakh will not have to pay any tax.
Here is the revised Income Tax Slabs
– 10% for income between Rs 5 lakh-7.5 lakh against 20%.
– 15% for income between Rs 7.5 lakh-10 lakh against 20%
– 20% for income between Rs 10-12.5 lakh against 30%
– 25% for income between Rs 12.5 -15 lakh against 30%
– 30% for income above Rs 15 lakh
(PROVIDED TAX EXEMPTIONS ARE NOT CLAIMED)
