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Budget 2020- Minor Relief To Income Tax Payers

2.5L- 5.0 L – 5%
5.0 – 7.5 – 10% (20%)
7.5 – 10L – 15% (20%)
10 – 12.5 20% (30%)
12.5 – 15.00 25% (30%)

Union Finance Minister Nirmala Sitharaman in her budget speech today has proposed a minor relief for individual income taxpayers, as new changes have been proposed in the income tax slabs and rates. The new proposal will be effective from 1st April, 2020 for the upcoming financial year (2020-21).

While the individuals earning upto 2.5 lakh attract no income tax, 5% tax levied for earnings between 2.5 lakh to 5 lakh, 10% tax will be levied on individuals earning between Rs 5 and 7.5 lakh, which was 20% earlier. And 15% personal tax on individuals earning between Rs 7.5 and 10 lakh against 20% earlier.

The higher income people who earn Rs 10-12.5 lakh per annum attract 20% income tax against 30% earlier. The individuals who fall under Rs 12.5-15 lakh income slab will be taxed 25% as against 30% earlier and 30% is tax payable for those earning above Rs 15 lakh/yea

 

SOURCE : GULTE

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